New Finance Bank Malawi Limited was licensed on 13th May 2014 and commenced its operations on 14th January, 2015. Currently, it has 8 branches, 11 ATMs and about 30 Pride outlets across the country. It also operates a Foreign Exchange Bureau. New Finance Bank is owned 50% by MyBucks (Frankfurt Listed Fintech Company), with a capital market capitalization of over USD 200 million. The other 50% is owned by Finsbury Investment, with a net worth of over USD400 Million. New Finance Bank Malawi Limited owns 100% of the NFB Forex Bureau. It also owns Pride Malawi’s Assets.
The bank’s ultimate goal is to be the Best Bank in Malawi. Being the best in providing excellent Customer Experience, Return on Equity to its shareholders and also making a greater Social Impact in the society in which it operates.
It aims to expand its footprint to provide inclusive financial products and services to the unbanked through simple, affordable and accessible digital/virtual/e-financial services and products, among other things. NFB’s other areas of growth include Trade Finance and Transactional Banking services. The bank also enhances client coverage through Relationship Management Banking and leverages on partnerships to provide full customer experience for its clientele.
NFB’s business is categorized into Corporate and Retail segments. The Corporate segment serves a diverse range of clients, mostly large businesses with a billion sales turnover. The Retail segment embeds all individuals, Small and Medium Scale enterprise financing and banking activities. The latter is NFB’s core area of focus.