Solar energy provider Yellow secures US$4m from Fund manager SunFunder

MALAWI – SunFunder, a fund manager focused on solar energy in sub-Saharan Africa, is providing a US$4 million loan to Yellow, the Lilongwe-based start-up distributes solar home systems that improve access to electricity in rural Malawi and expand its operations. The start-up founded by Mike Heyink distributes solar home systems that provide rural households with access to electricity in this East African country. Given the low standard of living in the countryside, the company allows pay-per-use of its solar home systems via the mobile payment solutions available in Malawi. “When…

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Mastercard and TNM Mpamba launch virtual payment solution in Malawi

MALAWI – Mobile money service provider TNM Mpamba has launched a Mastercard virtual payment solution that will enable TNM Mpamba mobile money wallet customers to make safe and seamless local and international e-commerce transactions, the country’s first. This is expected to enhance financial inclusion and improve access to the digital economy. Through a Mastercard virtual (non-plastic) payment solution linked to the TNM Mpamba mobile money wallet, customers will be able to make payments to local and global online brands and merchants, expanding their reach to an international marketplace. That means…

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African Trade Insurance Agency invests in Malawi’s Salima Solar plant

MALAWI – The African Trade Insurance Agency (ATI), under its Regional Liquidity Support Facility (RLSF), has supported the Salima Solar PV plant, by providing a revolving liquidity guarantee that can be drawn following any payment delays by the national off-taker – Electricity Supply Corporation of Malawi Limited (ESCOM). This is the second project in the country to benefit from RLSF, the first project being Phase 1 of the Nkhotakota Solar Power Plant, with an initial installed capacity of 21MW. The 60MW Salima Solar PV plant, being one of the most…

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Malawi to construct its first solar-plus storage project

MALAWI – The government of Malawi, in collaboration with Sungrow, JCM Power, InfraCo Africa, RINA and Innovate UK, will construct its first solar-plus storage project, a first in Sub-Saharan Africa. Located in the Dedza district of Malawi near the town of Golomoti, the 20MWac solar PV and 5MW/10MWh energy storage project is set to become a leading project in sub-Saharan Africa in demonstrating the value of solar PV coupled with energy storage. The project will fully adopt Sungrow’s one-stop solar-plus-storage MV solution comprised of PV inverter, MV station, all-in-one Power Conversion System,…

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World Bank approves US$380m financial support to Malawi & Mozambique to facilitate trade

MALAWI – The World Bank, through the International Development Association (IDA), has approved US$380 million in financing to support Malawi and Mozambique increase regional trade coordination, reduce trade costs and time, develop regional value chains, and improve access to infrastructure. The new Southern Africa Trade and Connectivity Project (SATCP) seeks to benefit the two countries through investments that will facilitate trade, strengthen regional coordination, and increase diversified economic opportunities along the Nacala and Beira corridors, connecting Mozambique to Malawi, and along the Maputo Corridor, connecting Mozambique to South Africa through…

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EIB approves US$35.7m loan for clean water supply in Malawi

MALAWI – The European Investment Bank (EIB) has approved $35.7 million loan to extend the drinking water network in southern Malawi. The project is to be implemented by the state-owned Southern Region Water Board (SRWB). The soft loan is to be repaid over 20 years with a grace period of 5 years. The EIB funding is for the extension of the drinking water network in the southern region of Malawi, particularly in Balaka and Liwonde. According to the SRWB, part of the funding will be used for the development of…

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InfraCo Africa to finance construction of Golomoti solar project in Malawi

MALAWI – Sub -Sahara infrastructure fund InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), and its project partner, JCM Power (JCM), have announced their commitment to finance construction of the 20MWAC Golomoti Solar project with a 5MW/10MWh lithium-ion battery energy storage system (BESS) in Malawi. Golomoti Solar will be the first commercial-scale solar photovoltaic plant in Malawi to include a BESS, and along with its sister project, Salima Solar, Golomoti is among the first commercial-scale solar photovoltaic plants in the country. “As part of our commitment to Malawi’s renewable…

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National Bank of Malawi acquires 51% stake in Akiba Commercial Bank Tanzania

MALAWI – National Bank of Malawi Plc. (NBM) has concluded the acquisition process of 51 percent stake in Tanzania’s Akiba Commercial Bank (ACB) through a share subscription for a consideration of US$7.31 million. The Malawi Stock Exchange listed NBM becomes a second local bank to have footprints outside the country after First Capital Bank. In a cautionary statement released by NBM, the bank says it is still negotiating with ACB to acquire an additional stake; therefore, shareholders should exercise caution. “The acquisition is in line with NBM plc’s current strategic…

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The OPEC Fund boosts sustainable agriculture in Malawi with US$20m development loan

MALAWI – The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million development loan agreement with Malawi to improve the livelihoods of around 1.3 million people living in rural areas. The financing will support the ‘Transforming Agriculture through Diversification and Entrepreneurship’ program, aligning with Sustainable Development Goal 2 on food security, improved nutrition, and sustainable agriculture. The objective of the program is to strengthen value chains and improve the resilience and capacity of Malawi’s smallholder farmers and rural organizations. The program will provide better infrastructure ,including…

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FDH Bank Malawi appoints Charity Mseka as new chairperson

MALAWI – The Board of Directors of FDH Bank plc has appointed finance expert Charity Joy Mseka as its new Board Chairperson effective 27 November 2020. Mseka has extensive experience in Banking and Finance and previously served as Director of Banking, Director of Accounting and Finance and Chief Accountant at the Reserve Bank of Malawi (RBM). She also served as a Non-Executive Director of National Integrated Technologies Limited (NITEL) and Export Development Fund Limited. She currently sits on the Board of Tilitonse Foundation and was recently appointed Council Member for…

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