Malawi’s biggest commercial bank by assets and profitability, National Bank of Bank (NBM), unveiled NBM Development bank which seeks to offer long term financing to businesses
Unveiling the Development Bank in the Lilongwe, NBM Chief Executive Officer, Mcfussy Kawawa who is also the NBM Development Bank Chairperson, said the entity will help business achieve their long term plans.
National Bank of Malawi plc gave a total of K7 million to 16 best performing students in the constituent colleges of the University of Malawi (UNIMA).The funds are equivalent of the annual school tuition for the students.
The Bank, also donated K3 million kwacha to the University of Malawi Centre for Excellence, Ethics and Governance.
During the cheque presentation ceremony, at the Polytechnic Blantyre, NBM Chief Executive Officer Mcfussy Kawawa said the support was aimed at challenging the students to work hard and be innovative.
National Bank of Malawi Plc said that the cost of credit on the local market remains high for the majority of the Malawians including the youth.
NBM Chief Executive Officer Mcfussy Kawawa was speaking in Lilongwe on the sidelines of an interface with young entrepreneurs
Kawawa said that although the cost of borrowing has been coming down in recent years, it remains on the higher side.
He said there was an action which NBM has taken to make the cost of borrowing cheaper.
National Bank of Malawi plc says it is committed to providing training in business management and banking discipline to promote entrepreneurship among the youth.
The CEO Mcfussy Kawawa made the commitment in Blantyre when the Malawi Stock Exchange ( MSE) listed bank held a youth entrepreneurs training and interaction under the theme ‘’ nurturing the youth through smart collaboration with NBM.’’
He said 80 percent of the population is below 35 years and is lacking basic opportunities to develop potential while commercial banks have concentrated the remaining 20 percent which is denominated by the corporate customers and established businesses.
National bank of Malawi plc, launched a product targeting women entrepreneurs, offering them a window to access loans up to K5 million without collateral.
NBM chief executive officer, Macfussy Kawawa, said the window has been created following requests from clients most of whom said were failing to access funds due to lack of collateral.
‘’We know that women have capabilities to do business but perhaps, sometimes they ae underated and we thought we should give them a special attention to serve them better. We have created a web portal through which customers will be sharing information, business ideas and so on.’’ Kawawa said.
National Bank of Malawi NBM plc gave K7.4m to 20 needy students from the Polytechnic a constituent college of the University of Malawi to cover for their tuition fees.
This follows the appeal by the Alumni Association to the Malawi Stock Exchange listed bank to help 105 students at the polytechnic in need of help.
NBM Head of Human Resources Charles Dulira said the bank wants to ensure that the students fulfil their ambitions in life.
National Bank of Malawi (NBM) plc says it will continue supporting education because it believes in investing in the sector.
The Bank’s Chief Executive Officer Mcfussy Kawawa said this after handling 152 desks and chairs worth K6 million to Nkhotakota Secondary School.
The donation was made in response to a plea by the bank’s retired employee who is also an alumnus of the school.
Kawawa said being a Malawian financial Institution, National Bank felt obliged to make the donation to ensure that the youth attain education in a conducive environment.