Listed NBS Bank plc has urged its customers to activate their Visa Debit cards before travelling abroad to enjoy convenient and stressless banking services.

In a statement, the Bank said convenience is guaranteed through the ‘Eazy Banking’ package.

“Visa Debit cards work like cash, only better. They are issued by the Bank and use funds directly from customers’ bank accounts. Accepted worldwide, NBS Bank Visa Debit cards offer quick, secure, and convenient access to money in person, online, overseas and over the phone.”

“They allow our customers to enjoy the convenience of paying directly from their accounts, with the daily international ATM withdrawal limit at $500 USD on all cards; Point of sale/ Online daily limit of $100 for the red and silver cards, and $300 for Gold and Platinum cards, with all the security that Visa provides,” said NBS Bank Head of Marketing and Customer Experience Tamanda Longwe.

She said NBS Bank customers that are travelling out of the country can access their funds at thousands of ATMs and Point-Of-Sale (POS) machines worldwide and can make purchases anytime and anywhere that Visa cards are accepted with top-notch security features.

“Our cards come with an overall monthly limit of $1,000 for our red and silver cards and $3,000 for the gold and platinum cards. To increase limits, we encourage our customers to apply and present valid travel documents through their nearest Service Centre or Account Relationship Manager,” explained Longwe.

Longwe said additionally, the Bank has other digital services from which their customers can continue to experience convenience such as EazyMobile322, EazyWallet and EazyApp which offer services like bill payments including Road Traffic, ESCOM, various waterboards and DSTV payments.

One of NBS Bank customers Alfred Phiri hailed the bank on the initiative saying he used his cards when he travelled out of the country without any problems after failing to get hard currency forex.

“I had problems getting hard currency forex but I just activated my cards with NBS and travelled out of the country where I could withdraw cash and pay for my bills and shopping using my NBS Bank cards. This is very convenient especially now when we are facing forex challenges,” said Phiri.

In a bid to promote Malawi’s digital financial services penetration, Standard Bank has launched an e-commerce gateway that allows businesses receive payments from local and international customers on their websites using debit cards and virtual payment tools.

Standard Bank’s gateway provides for a 12-hour settlement of funds and means that customers pay in their local currency from any location. It comes as the country’s usage of digital financial services more than doubled in 2021, according to official data recently released by the Reserve Bank of Malawi (RBM).

Head of Client Solutions Ewen Hiwa said the bank’s e-commerce solution is in response to the growing shift by businesses to purchase their supplies and services online.

“Customers in Malawi have become accustomed to buying goods online as the world fast becomes a digitally connected eco-system. We noted that access to payment solutions was in high demand, with businesses of all sizes looking to offer e-commerce solutions. With our e-commerce gateway we are now able to collect payments for both local and international transactions,” he said.

Hiwa said Standard Bank’s e-commerce gateway is available as an add-on to an existing website or as a payment page link which businesses can share with their customers for payments without having to build a full website.

“The e-commerce gateway is ideal for both mobile and desktop demands. Its use applies in various business scenarios, which include but are not limited to courier services, health care, transportation providers, education institutions and government agencies,” he said.

The head of Client Solutions added that businesses that have so far implemented the Standard Bank gateway are able to create the best online shopping experiences, whether through smartphone applications, their corporate website, or other digital means as the service provides easy integration.

Hiwa said the other advantage of Standard Bank’s gateway is that it eliminates forex supply barriers.

“For local customers they pay using their card and Malawi Kwacha denominated account, and for customers outside the country they are paying using their own domestic currency (could be US$, Pounds, Euro, ZAR, as case might be),” he explained.

Hiwa said by increasing access to digital finance options, Standard Bank is helping local businesses create new and global markets for Malawian products and services in liner with #MW2063 goals under the industry innovation and infrastructure pillar.

In its recent National Payments System survey, RBM reported an increase by 62.1% in volume of transactions using digital financial service platforms, and an increase by 77.5% in actual value of the transactions to MWK101.6 Trillion.

The report attributed the upsurge in both the value and volume of the transactions is attributed to the growing customer confidence in usage of electronic payment channels.

National Bank of Malawi (NBM) plc has launched a new product targeting Accountants who are registered with the Institute of Chartered Accountants in Malawi (ICAM) and those involved in  business which is registered.

Launching the product in Blantyre during an induction of new members for ICAM, NBM Service Centre Manager for Henderson Street Service Centre Tamara Mtuwa said NBM plc came up with the product after ‘listening’ to the needs of their customers.

“As the Bank of the Nation, we always strive to serve our customers better, we want to give what our customers want, not what we want, this, perhaps, is what has earned us the title ‘The Bank of the Nation’.”

“We have been listening to what our customers want through various interactions that we have had with our customers which have led us to come up with unique products that target a specific target group.”

“Today we are here to unveil a unique product specifically tailored for our Accountants. This special package for Accountants targets those accountants registered with the Institute of Chartered Accountants in Malawi (ICAM) whose salary has been consistently received through their NBM account. If the salary is not received through an NBM plc account, then they need not worry to access this product as long as they are willing to open an account with us,” explained Mtuwa.

NBM Accounts Relationship Manager Mwayi Kalulu made a presentation about the offering of the product to the newly inducted ICAM members.

She said among other offerings, Accountants whose net salary or income is MK2, 000,000.00 and above will automatically be invited to the premium platinum club while those who earn MK500, 000.00 and above will automatically be invited to the premium gold club.

Accountants in the age ranges of 18-35 years and whose salary band is between MK300,000.00 and MK1,000,000.00 will automatically qualify for our other product called Step up professional product.

“This product offers Accountants an overdraft facility whose maximum limit is aligned with net salary and is renewable in 12 months. They will also be offered a credit card with a maximum limit aligned with the net salary to cater for travel and e-payments requirements with a repayment ratio of 50%.”

“The product also offers Accountants with a general-purpose loan of up to K20 million with a maximum repayment period of 48 months and a credit life on the loan amount. On top of that, the product offers a subscription loan of up to K1 million with a maximum repayment period of 6 months. There is also an insurance loan with a maximum loan aligned with the customer invoice and the maximum repayment period is 12 months,” said Kalulu.

She said to access the product, Accountants need to submit all Know Your Customer (KYC) documentation and a letter of undertaking from the employer and also submit a letter of introduction from ICAM confirming that they are a member of the accounting body.

Kalulu said Accountants with business income and their business is registered will also be considered for the product.

ICAM Acting Chief Executive Officer Charles Chimpeni hailed NBM plc for the product targeting accountants saying it will help the accountants to be innovative.

“We all agree that we cannot depend on salary to survive and this product will make accountants to be innovative because they can start their eon businesses and some can use the same product to get a loan to pay for their subscription fees with ICAM. We welcome this product and we are hopeful that fellow accountants will embrace it,” said Chimpeni.

Conglomerate Press Corporation plc has registered a 24% profit after tax for the first half of the year despite operating in a challenging environment with severe foreign exchange scarcity and effects of the Covid-19 pandemic.

In a statement announcing the half year financial results ending 30 June 2022, Press Corporation plc said it has recorded a profit of K15.98 billion, up from K12.87 billion recorded at the same time the previous year representing 24% growth.

The statement signed by Press Corporation plc Board Chairman Randson Mwadiwa, Board Director Bettey Mahuka, Chief Finance and Administration Executive Moureen Mbeye and Acting Chief Executive Officer Lyton Chithambo also said the Board of Directors of the company resolved to pay an interim dividend amounting to K841.79 million (2021: K721.20 million) representing K7.00 per share (2021: K6.00 per share).

“The dividend will be paid on Friday, 28^th October 2022 to shareholders whose names appear on the register as at the close of business on 14^th October 2022,” reads the statement in part.

Press corporation plc notes in the statement that growth in profitability was driven by an 11 percent growth in revenue, improved gross profit margin by 4 percent and successful implementation of cost containment measures.

“Disposal of PTC has also contributed to the improved results as losses associated with this investment (2021: K2.3 billion) are no longer part of the Group results,” reads part of the statement.

On segmental performance, Press Corporation plc said in the financial segment, its subsidiary, National Bank of Malawi (NBM) plc posted a 78 percent growth in its profit after tax to K22.7 billion (2021: K12.8 billion) driven mainly by a 48 percent growth in net interest income and a 13 percent increase in trading income following increased level of deposits and a marked growth of the loan book of 34 percent and 31 percent respectively.

However, the telecommunications segment consisting of mobile phone company, TNM and fixed telephony and broadband company MTL registered a 168 percent decrease in profit after tax as both MTL and TNM registered losses during the reporting period.

“The losses were exacerbated by the devaluation of the local currency resulting in exchange losses of K2.2 billion for the period. The Group is confident that the segment will soon benefit from fresh strategies currently being implemented that seek to arrest the losses and reverse the segment’s performance. The search for equity investors in the fixed telephony business is continuing,” reads the statement in part.

The energy segment comprising PressCane and Ethanol Company Limited (Ethco)registered a 56 percent drop in its profitability from the prior period due to production start-up timing differences.

“In 2021, PressCane started production early compared to 2022 due to feedstock availability. Nevertheless, both companies are currently on track and it is expected that in the second half of the year, the overall performance will improve markedly as full production resumes and both companies are expected to meet their respective annual targets,” reads part of the statement.

“Press Properties Ltd registered a profit after tax of K0.5 billion (2021: K0.4 billion). The Foods Company on the other hand made a loss of K1.2 billion (2021: K1.1 billion) due to persistent interruption in the fish feeding regime resulting from supply chain challenges brought about by the impact of the COVID-19 pandemic and increased finance cost.”

“The performance is expected to improve from the third quarter of the year as the company starts harvesting fish from its aquaculture operations. The critical project of establishing a floating feed mill is about to start. The feed mill will complement the aquaculture expansion program which is also currently being implemented,” reads the statement in part adding that the search for an equity investor in the Foods Company is on-going.

In joint ventures, PUMA delivered good performance when compared to the prior period because of increased volumes and expansion projects. Macsteel on the other hand was negatively impacted by high exchange losses following the devaluation of the Kwacha but the company has started making significant positive strides in the second half of the year.

On the associated companies, Press Corporation plc notes that Open Connect Limited continued reporting losses following strategic re-positioning i.e., product repricing to retain key customers and delay in commercialisation of key revenue generating projects but said the performance is expected to improve in the second half of the year following the commissioning of its flagship products. 

“Results from tobacco processing and trading were affected by its seasonality and are expected to improve in the second half of the year. During the period, LifeCo Holdings performance grew significantly, and it surpassed the entire business volume underwritten in the whole of 2021,” reads the statement in part.

“The Group remains steadfast in delivering on its strategy despite operating in a very challenging environment. Scarcity of foreign exchange, the pressure on inflation and persistent power blackouts remain significant risks to Group performance.”

“The Group will continue implementing turnaround strategies in companies whose performance is unsatisfactory. Further investment opportunities are also being explored in various sectors to further diversify the Group and its portfolio mix in market presence. There has been significant progress in scoping for a 50MW solar power production project,” reads part of the statement.

Standard Bank Plc has launched its maiden annual integrated sustainability report which highlights its social, economic, and environmental impact in the country.

The Standard Bank Report to Society is a guiding tool the bank will use to record and track its contribution to Malawi’s national development. The report details these integrated efforts which balance its business and social obligations.

This year’s review highlights the impact of K248 million the bank committed towards various Social, Economic and Environment (SEE) impact areas as a contribution towards enhancing the growth for Malawi for Financial Year ended December 31, 2021.

Launching the 2021 Standard Bank Report to Society, Chief Executive Phillip Madinga told stakeholders in Lilongwe that during the financial year ended December 31, 2021, the Bank made positive contributions in six key areas aiming to uplift lives of people at grassroots and catalyze economic growth.

The areas are job creation and enterprise development, financial inclusion, trade facilitation and investment, health, education, and employee training and development.

“As a financial services provider in Malawi, we remain resolute in our purpose which is Malawi is our Home, and We Drive Her Growth. We are committed to playing our role to drive the country’s economic growth sustainably by serving our communities through impactful projects that touch lives and improve societies,” said Madinga.

The Chief Executive also added that Standard Bank Plc which recorded a net profit of K24.8 billion in 2021, committed K248 Million or 1% towards various SEE endeavors.

Madinga said as a key player in the banking industry, the Bank takes pride in championing initiatives that improve the country for its people.

“Through the report, Standard Bank is demonstrating its integral role as enabler of economic growth by applying its expertise in the local and regional financial sector,” he said.

He added; “Sustainability is multi-dimensional and is part of everything we do at Standard Bank Plc. It is about mitigating risks, building resilience, creating opportunities and transforming lives. It is the long-term goal of sustainable development which encompasses meeting the needs of the present without comprising the ability of future generations.”

The Report to Society has been developed with guidance from the International Integrated Reporting Framework and United Nations Sustainable Development Goals, linking the Bank’s activities and commitments to the global agenda for a sustainable future.

“As a passionate driver of growth, this report communicates how we have leveraged our SEE impacts to support our strategy and achieve our purpose. Furthermore, the report intends to detail how we plan to generate impact in the future by giving an overview of our key impact ambitions and how we intend to measure our progress and success,” said the chief executive.

Notable contributions by the Bank include the introduction of Unayo, a ubiquitous transactional and digital platform that provides money transfers to people in rural and urban areas, empowering women farmers and youth, providing bursaries and grants in the public education sector, facilitating trade through Africa China Trade Solutions and helping the public health system in the fight against COVID-19 pandemic and corrective palate surgeries.

Under Unayo, Standard Bank Plc in the year 2021 recruited over 8,000 agents and merchants thus contributing towards financial inclusion as most of these were either un-banked or underbanked, while increasing financial liquidity to rural areas that have no access to formal financial services.

The Bank’s three-year program with UN Women under the smart agriculture initiatives, helped increase output of groundnuts for 10,000 groundnuts farmers in Lilongwe, Mchinji and Mzimba.

This is the inaugural report with a view of 2021. The Bank intends to publish the report on an annual basis.