Category: Business

National Bank of Malawi (NBM) plc has expressed gratitude and pride for the prestigious Certificate of Recognition it received for outstanding commitment to tax compliance and invaluable contribution to national development from the Malawi Revenue Authority (MRA).

The award was presented during MRA’s 25th anniversary celebrations held at Bingu International Conference Centre (BICC) in Lilongwe on Friday.

NBM plc Chief Finance Officer Daniel Jere said in an interview, that the recognition affirms the Bank’s position as a model corporate citizen.

He stated that over the years, the Bank has generated high profits, resulting in significant tax contributions to the national purse, often exceeding most players in the market.

“We are honoured to receive this recognition from MRA. It is testament to our commitment to fulfilling our tax obligations diligently and on time. By paying our taxes, we directly contribute to the development of Malawi, and we will continue to uphold this standard as part of our corporate responsibility,” said Jere.

Jere added that the recognition not only highlights NBM plc’s contribution to the country’s fiscus but also bears testimony to its dedication to national development.

“This award inspires us to continue being exemplary in compliance matters. We understand that every tax kwacha we remit goes towards funding essential services and infrastructural development, amongst other needs, which are vital for the growth of our economy and the well-being of Malawians.”

“As one of the country’s leading financial institutions, NBM plc pledges to maintain the highest standards in tax compliance, continuing to contribute meaningfully to Malawi’s economic growth through timely and accurate payment of taxes,” explained Jere.

MRA’s 25th anniversary celebrations served as a platform to acknowledge organisations and individuals that have played a significant role in supporting the country’s revenue mobilisation agenda.

The event also reflected on MRA’s journey since its launch in 2000 and its role in funding Malawi’s development priorities.

BMalawi’s leading force in the logistics industry, Ritz Holdings Limited, has established a new subsidiary, ZBLG Transport Company, in Zambia, marking a significant milestone in the company’s regional expansion strategy.

The opening of ZBLG Transport Company is part of Ritz’s ongoing efforts to broaden its reach and enhance its operational capabilities that serve an increasingly diverse international market with excellence.

Innocent Nyirongo, Commercial Services Manager at Ritz Holdings Limited, said that the move aligns with the company’s strategic vision of expanding its international footprint and solidifying its presence as a regional leader in the transportation industry.

“This expansion underscores our commitment to delivering exceptional value to our clients around the southern Africa region and reinforces our long-term growth strategy. The new office will enable us to support local businesses, fostinnovationer , and create more opportunities for our employees and stakeholders,” said Nyirongo.

According to Nyirongo, the subsidiary company in Zambia serves as a gateway to numerous trade opportunities earmarked for enhancing the economic growth of the two countries.

“We are thrilled to be expanding our presence in Zambia, a dynamic and rapidly growing market. The new office is expected to generate significant growth opportunities, as it positions Ritz Holdings Limited as a link that enables Malawi and Zambia to explore potential trade opportunities,” he said.

The expansion reinforces the company’s commitment to sustainability and innovation as it seeks to contribute positively to the local economy.

While appreciating the power of collaboration in the industry, Nyirongo added that Ritz Holding Limited will continue partnering with other players to ensure sustainability in the sector.

“The logistics sector plays a crucial role in the socioeconomic development of countries; therefore, we believe that strategic integrations are key to fostering growth in the industry. As such, Ritz is open to working with other logistics companies as we embark on different projects in both local and international markets,” Nyirongo added.

Ritz Holdings Limited is a multisectoral Malawian private holdings company. The corporation plays a parent role in four subsidiaries: Ritz Technologies, Ritz Oils and Gases, Ritz Partners Limited, and ZBLG Transport Company.

FDH Bank Plc has announced a definitive agreement to acquire a controlling 98.87% stake in Ecobank Mozambique SA (EMZ) from Ecobank Transnational Incorporated (ETI), marking a major milestone in its expansion strategy.

In a press statement issued by FDH Bank plc, Company Secretary Juliano Kanyongolo states that the remaining 1.13% stake in EMZ is held by Fundo Para O Fomento De Habitação (FFH), a Mozambican housing development fund.

“The transaction, which has received all necessary regulatory approvals, is set to be completed within the 2025 financial year, pending the fulfilment of certain conditions precedent. Upon completion, FDH Bank plc will assume effective control of EMZ, enabling strategic synergies in operations, customer innovation, and product offerings,” states Kanyongolo in the statement.

The statement also highlights that the acquisition is a major step forward for the Bank in its ambition to become a regional banking force, and it positions the Bank to diversify its revenue streams, tap into new markets, and create long-term value for its stakeholders.

“The deal will be fully financed through FDH Bank plc’s retained earnings and is valued at approximately 0.7% of the bank’s market capitalisation, which stood at K3.6 trillion (approximately USD 2.1 billion) as of 31 July 2025,” reads the statement.

In his remarks, renowned motivational speaker and motivator, Benedicto Bena Nkhoma, said the move by the Bank into Mozambique is a bold move to diversify sources across the region.

“Their recent performance and growth trajectory have enabled them to move into other markets. They have experience locally when they bought Malawi Saving Bank (MSB), and as such, they can leverage the learnings from the previous experience. Therefore, this regional expansion is good as it will bring returns in foreign currency,” said Nkhoma.

Ecobank Mozambique SA is a licensed commercial bank that has operated in Mozambique since 2000.

Initially established as Novo Banco SARL, it became EMZ in 2014 following its acquisition by ETI.

The bank currently operates four branches in Mozambique’s largest cities and is regulated by the Central Bank of Mozambique.

ETI, a pan-African banking group headquartered in Togo, is present in 35 African countries and has a global presence through its Paris banking license and offices in London, Dubai, and Beijing.

The group is listed on the Ghana Stock Exchange, Nigerian Stock Exchange, and BRVM.

Castel Malawi has reaffirmed its commitment to delivering high-quality alcoholic beverages amid growing concerns on social media over the quality of some beer products allegedly linked to the company.

In a statement signed by Managing Director, Thomas Reynaud, the company has assured the public that its production standards of Malawi Vodka, Malawi Gin and Premier Brandy remain intact.

He emphasized that all raw materials used in production of its products undergo strict quality checks, both locally and through Castel Group’s central quality teams.

“Our recipes have not changed. No adjustments to alcohol content, ingredients, or distillation methods have been made, as no changes can be made without full validation of Castel Group standards,” said Reynaud.

“Castel Malawi guarantees high-quality products for its consumers. We are committed to upholding the quality, integrity, and pride that each product from Castel Malawi is meant to represent,” he added.

The company also revealed that it is investigating the matter following the online circulation of suspicious products that appear to lack key identifiers such as batch numbers, suggesting they may not be genuine Castel products.

“We understand the historical and emotional connection that Malawians have with these iconic brands, that is why we remain fully committed to upholding the quality, integrity, and pride that each product from Castel Malawi is meant to represent,” said Reynaud in the statement.

About two years ago, Castel Malawi busted a couple for producing and selling counterfeit Malawi Gin in Ntcheu.

Ntcheu Magistrate’s court found them guilty and fined them K3.6 million.

NBM Pensions Administration Limited (PAL) says its impressive 34.5% investment income recorded in the year 2024 was largely driven by strong performance in the financial sector on the Malawi Stock Exchange (MSE).

Speaking during a client engagement seminar in Blantyre on Tuesday, NBM PAL Chief Executive Officer William Mabulekesi described the company’s performance as a significant win for members, especially in the face of a challenging economic environment marked by high inflation and persistent foreign exchange shortages.

“The stock exchange was buoyant for some counters, particularly in the financial sector, and this is what boosted the 34.5% return. This is not just a number; it means our members are getting a real return on their pension savings,” said Mabulekesi.

He noted that the return outpaced the average 2024 inflation rate of 32%, giving members a positive real gain of 2.5%.

“If you give an investment income which is less than inflation, it means members are being short-changed. This means our members are getting real returns and experiencing significant growth in their pension funds,” he added.

NBM Capital Markets Limited, a key partner to NBM Pensions Administration, also reaffirmed its commitment to delivering sustainable returns despite ongoing economic volatility.

NBM Capital Markets Limited Business Development Manager, Nenauthe Nkoloma, said their investment strategy is built on consistent, research-led decisions that aim to protect and grow pension assets.

“We make sure our clients don’t go home with an eroded value of their pension fund. Despite high inflation and market uncertainty, we have triumphed through sustainable investing and are proud to deliver real returns that beat inflation,” she said.

One of the attendees, Wisdom Mpinganjira, Human Resources Business Partner at Nacala Logistics, praised NBM Pensions for its transparent approach and sound investment strategy, which he said has boosted confidence among employers and employees.

“The engagement has been important because employees need to understand how their pension is invested and the benefits of the returns. A 34.5% return, beating inflation, is a bonus to employees. It shows how efficient National Bank is in managing our pensions, and that builds our confidence,” said Mpinganjira.

The Blantyre seminar was the second in a series of nationwide engagements aimed at updating both prospective and existing clients on recent developments in pension fund management.

Africa’s biggest iGaming brand, betPawa, has set the continent ablaze with an electrifying milestone, as in a single, pulse-pounding round of Aviator, betPawa paid out a staggering K1,907,411,000 (equivalent to $1.1 million) to a group of lucky players across Cameroon, Chana, and Zambia, marking the largest-ever Aviator payout in Africa’s history, according to a statement which we have seen.

“This thrilling saga began with bets as low as K3,121 (18 cents), erupting into a multiplier frenzy that saw wins soar to an incredible 750,000x. Ordinary players were transformed into instant millionaires, cementing betPawa’s place as a game-changer in Africa’s betting landscape.

“Exciting whispers from insiders at betPawa reveal a thrilling twist-the brand is standing firm and not reevaluating its impressive MWK430 million maximum win cap per flight!

“Far from backing down, betPawa is boldly doubling down, reaffirming its passion for creating life-changing moments for players With a fearless spirit, they’re proving records are meant to be shattered, cementing their place as a true trailblazer in a league of their own! Industry insiders are buzzing, predicting this payout could redefine the balance of risk and reward in African gaming.

“With no other operator matching this scale on Aviator, betPawa is solidifying its reputation as a daring yet reliable platform, ready to absorb massive wins while keeping the excitement alive While the identities of the winners remain under wraps, whispers of a vibrant, star-studded event to celebrate the lucky players from Cameroon, Ghana, and Zambia are sparking anticipation across the continent.

“One thing is clear: bet Pawa has set a dazzling new benchmark in Africa’s betting scene and is already gearing up to push the boundaries even further,” reads part of the statement

Pawa is a mobile Gaming brand designed for emerging markets. It operates across 17 countries in Africa, having opened six new markets in the last 12 months.

The brand is on a mission to ‘make betting friendly by providing 24-hour customer support, a user-friendly platform, the lowest minimum stakes, and guaranteed & instant payments.

National Bank of Malawi (plc) has encouraged Small and Medium Enterprises (SMEs) to keep creating more jobs for Malawians after growing of their businesses.

The Bank’s Head of Treasury and Investment Banking, Harry Mukaka made the call after touring ZAMM Investments and Shoe Rubber in Lilongwe on Friday as part of the NBM SME month tours.

NBM plc committed the month of June as SME month where its Chief Executive Officer (CEO) Harold Jiya and other Heads of Divisions visited several SMEs across the country prior to the International SME Day on June 27 and NBM plc held an SME Day exhibition at Gateway Mall in Lilongwe on June 28, 2025.

“Our aim of supporting SMEs is to see them grow and contribute to the economic growth of the country, and one way of achieving that is through the creation of employment opportunities for Malawians. We are glad to see that ZAMM Investments has managed to employ 300 Malawians,” said Mukaka.

NBM plc supported ZAMM Investments, which produces Cool Drop natural bottled water, Cool drinks, and toilet papers, to procure machinery in China.

ZAMM Investments Managing Director, Mohamed Tutla commended NBM plc for the support and the visit.

“It is very important that NBM paid us a visit and appreciate what we are doing than just talking on the phone and emails. National Bank offered us various financial services which are Sharia compliant. We were one of the first clients to be provided with this facility. The struggles are there about forex, but NBM gives us an opportunity when there is one,” said Tutla.

ZAMM Investments was also one of the SMEs that exhibited their products at the SME Exhibition Day which had 50 SMEs from across the country.

Old Mutual Unit Trust Company (Malawi) Limited says its two funds have registered strong results for 2024, marked by solid performance and a significant increase in assets under management.

According to the full-year results of the funds, the Interest-Bearing Assets Fund grew to K99.74 billion from K69.48 billion in 2023, while the Balanced Fund rose to K27.58 billion from K21.84 billion over the same period, with total Assets Under Management (AUM) growing to K127.33 billion as of 31 December 2024, representing a 39.4% increase year-on-year.

According to the report presented by the company’s chairperson Alfred Majamanda, the impressive performance was driven by strong returns from both funds, with the Interest-Bearing Assets Fund posting a gross annualized return of 29.4%, well above its benchmark of 17.8% while the Balanced Fund delivered a gross return of 35.5%, also outperforming its benchmark of 33.6%.

The report says, since inception in 2011, the Interest-Bearing Assets Fund has delivered an average return of 23.1% compared to a 18.7% benchmark, while the Balanced Fund has returned 30.7% against a benchmark of 25.7%.

“The funds continue to demonstrate consistent delivery of competitive returns to customers. Management remains committed to closely monitor economic trends and proactively implement strategies that preserve and enhance stakeholder value.” said Majamanda.

Majamanda also announced that the company will launch a new digital platform within a few months, which will greatly enhance the customer experience. The details of this cutting edge innovation will be disclosed in due course.

Old Mutual Unit Trust Company (Malawi) Limited, a member of the Old Mutual (Malawi) Limited is a leading collective investment schemes operator, catering to the savings needs of both retail and corporate customers.