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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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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National Bank of Malawi raises annual profits 7% to US$23.29m

MALAWI – National Bank of Malawi (NBM) has registered a group profit after tax of K17.16 billion (US$23.29m) from K15.97 billion (US$21.67m) reported in 2018 representing an increase of 7%. NBM plc said in a statement that non-interest income grew by 10% while net interest and investment income grew by 12%. “Overall net revenue grew by 11% while operating expenses increased by 6%, notwithstanding staff rationalisation costs that were incurred during the first half of the year. The loan book grew by 13% and customer deposits increased by 8% year…

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The National Bank of Malawi to acquire majority stake in Akiba Bank

MALAWI – The National Bank of Malawi (NBM) is targeting to acquire 75 percent of Akiba Commercial Bank (ACB), making it the first Malawian bank to head north. This comes following the signing of a Share Subscription Agreement of 31 January 2020 between NBM, Malawi’s leading commercial bank, and ACB. The Fair Competition Commission (FCC) said in a public notice on Wednesday that it was investigating the merger deal. “FCC is currently investigating the intended acquisition in line with the provisions of the Fair Competition Act and the Competition Rules,…

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