News

Adjustment of Lending Interest Rates

by My Bucks My Bucks No Comments

Following the change in Base Lending Rate determination for commercial banks to align with Reserve Bank Lombard Rate which currently is at 14.9%, New Finance Bank (NFB) notifies its borrowing customers that it will consequently adjust its lending rates to take into account of this change as well as the downward revision of the Liquidity Reserve Ratio.

Accordingly NFB’s maximum lending interest rates to its borrowers will be 26.5% down from a maximum of 39%. The specific interest rate applicable to the individual borrowers will depend on the perceived credit risks associated with the individual borrowers, as well as specific categories of the credit facilities.

The new rates will become effective from 11th of February 2019.

MANAGEMENT

NFB/ UNICEF Secondary Education Trust Fund Launched

by NFB Malawi NFB Malawi No Comments


NFB CEO Zandile Shaba, presents a dummy cheque to the Girls Education Trust Board member Temwani Simwaka, as UNICEF Country representative, Johannes Wedenig looks on.

NFB and UNICEF together with the Ministry of Education , Science and Technology have partnered to launch this Secondary Education Trust Fund.

The aim is to support needy children who would otherwise not be able to complete secondary education due to lack of tuition.

NFB was the trailblazer and donated K2,000,000 towards the cause.

 

Announcement of the listing of the first series of medium term note programme

by NFB Malawi NFB Malawi No Comments

Notice is hereby given that New Finance Bank Malawi Limited ("New Finance Bank" or the "Issuer" or "the Company") has established a MWK 14 billion listed Medium-Term Note Programme ("the Programme").

New Finance Bank has issued MWK 4 billion within the Programme by way of private placement ("the Notes"). The Malawi Stock Exchange ("MSE") has granted the Issuer a financial instrument listing and the Notes will be listed on the MSE on 9th July, 2018.

New Finance Bank was licensed on 13th May, 2014 under the Financial Services Act of 2010 by the Reserve Bank of Malawi. The Issuer was hence incorporated in Malawi on 24th July, 2014 under registration number 12942. New Finance Bank commenced operations on 27 January 2015 and has since grown to operate in 7 branches across the country, with 11 ATMs and 116 employees. New Finance Bank offers products predominantly for the retail and corporate segments of the Malawi banking sector. By 31st December, 2017, the business had grown its assets to MWK 22.0 billion (inclusive of a net loan book of MWK 11.0 billion), hosting a deposit base of MWK 17.0 billion and an equity base of MWK 3.6 billion.

Note: This announcement does not constitute, nor form part of, an offer or invitation, or solicitation or inducement of an offer, to subscribe for or purchase any of the notes or other securities of the Issuer, nor is this announcement circulated to invite offers for any securities of the Issuer.

By order of the Board 9th July 2018

Corporate Information

Issuer
New Finance Bank Malawi Limited
Ekistiks House, Convention Drive
Plot Number 13/112
City Centre, Lilongwe
Malawi

Company Secretary
Pempho Likongwe Plot Number 12/30 Off Dunduzu Road Lilongwe
Malawi

 

Co-Lead Arrangers
MyBucks Corporate Finance
(a division of GetBucks Limited Mauritius)
212 St James Court,
St Denis Street, Port Louis, Mauritius

 

Co-Lead Arrangers and Debt Sponsor
Stockbrokers Malawi Limited
Ground Floor, NBM Towers, Corner Hannover Avenue/Henderson Street, Blantyre, Malawi

 

Transfer Secretary, Calculation Agent and Paying Agent
National Bank of Malawi plc
NBM Towers
Corner Hannover Avenue/ Henderson Street
Blantyre, Malawi

 

Reporting Accountant and Auditor
Deloitte &Touche
Public Accountaants
First Floor Top Mandala Kaohsiung Road
Blantyre, Malawi

 

Legal Advisors to the Trustees
Wilson and Morgan Whitehall, 6 Victoria Avenue
Blantyre
Malawi

 

Trustees
NICO Asset Managers Chibisa House
19 Glyn Jones Road Blantyre
Malawi

 

New Finance Bank acquires Pride Malawi

by NFB Malawi NFB Malawi No Comments

Enhancing financial inclusion:

New Finance Bank acquires Pride Malawi

As part of its growing mission to bring about financial inclusion in Malawi, New Finance Bank (NFB), part of Frankfurt-listed Fintech, MyBucks SA and Finsbury Investment Limited, an investment holding company, has acquired Pride Malawi assets, a well-established micro-finance entity that offers loans to small and medium-sized businesses across the country.

The acquisition is a ground breaking move for the sector and champions the broader Malawian agenda as laid out by the government: To grow the national entrepreneurial base to ultimately bring about financial inclusion, and bank the unbanked.

“It is a significant step for the sector and acknowledges the need to take Malawi to the next level. Pride Malawi is well-established and acquiring it as a base for growth can only benefit Malawians in the broader narrative of African development. The acquisition will extend the benefits of micro-financing to even more Malawians,” says Zandile Shaba, Chief Executive Officer of New Finance Bank.

“Pride Malawi has 30 outlets across the country and is a well-known entity here. As a micro-financier to small and medium businesses, it has always offered opportunity. Opportunity to do business; to realise ideas; to achieve vision. This acquisition then is about broadening that opportunity and extending it to as many Malawians as possible,” she further said.

NFB’s acquisition will enhance Pride Malawi’s vision and impact, bringing with it added capacity to go over and above its original mandate: To build Malawi by offering Malawians the opportunity to build their businesses.

As an entity on its own, Pride Malawi has also been a job provider, offering jobs through its extensive outlet network.
Pride Malawi was officially acquired on 1st July, 2018 and looks forward to this new era of success. NFB could not be more prouder of this milestone.
For more information, please contact The Chief Commercial Officer at New Finance Bank Malawi on +265 1 772 500. Email: info@nfb.mw.

 

NFB Hatches Mkango Fixed Deposit Account

by NFB Malawi NFB Malawi No Comments

…product comes with very attractive feature of Withdrawing Interest UPFRONT

In a bid to encourage a savings culture and stimulate excitement on the domestic banking scene, New Finance Bank Malawi has unveiled a fixed term deposit account that allows one to draw interest upfront before maturity of an investment, leaving their deposit intact.

Known as ‘Mkango’, this fixed deposit account targets both existing and new customers of NFB with varying monthly interest rates ranging between 8 percent to 10.5 percent within a 6 month long period and negotiable beyond 6 months.

“ The  interest itself guaranteed to be paid upfront to our customers is a key attribute that makes our Mkango fixed deposit worth having, as it allows customers to utilize their money there and then whilst their deposit is still intact,” said Linda Simwaka, NFB’s Marketing and Customer Experience Manager. Customers can borrow 50 percent of their funds placed on their account at the bank’s rate for a maximum period of 12 months.

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Fast Cash from NFB without Interest

by NFB Malawi NFB Malawi No Comments

New Finance Bank Malawi has established a cushion to contain unplanned expenses to the working class through a quick pay day loan facility.

The loan is a short-term financial tool designed to provide fast cash to borrowers with small, unexpected expenses with the aim of stretching their buying power in helping cover some deficiencies.

“This loan targets salaried employees whose finances come from monthly salaries in a safe and convenient way. The loan is unsecured but is supported by a Letter of Undertaking by the employer to remit one’s salary to the bank on payday. With this loan, NFB customers can now borrow within a bracket of Twenty Thousand Kwacha (MK20, 000) to Five Hundred Thousand Kwacha (MK500, 000) with an allowance of repayment within 30 days,” says NFB.

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NFB Courts Civil Servants

by NFB Malawi NFB Malawi No Comments

New Finance Bank Malawi continues to excite its customers with the introduction of customized products and services.

Latest on its product list is a loan facility, dubbed ‘Government Payroll Loan which now gives civil servants in the country the flexibility to access bank loans. This product poses to mitigate the hustle that most civil servants face when obtaining personal loans from micro-finance firms.

“The loans will run from a minimum of 3 months to a maximum period of 36 months. Loan applications will be processed by Sales Consultants stationed in all branches of the bank. Normal credit granting approval processes will be followed in granting the loans,” reads a statement from NFB. The amount borrowed further depends on affordability drawn from a customer’s salary amount against monthly deduction as stipulated under affordability calculations of Malawi Government.

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NFB ROLLS OUT MOTO BUU! PROMOTION -ultimate winner to win MK1 million

by NFB Malawi NFB Malawi No Comments

Lilongwe, 17th August 2018: New Finance Bank (NFB) has rolled out a three month long promotion dubbed ‘Moto Buu’ that enables customers to win various cash prizes and branded merchandise.

Speaking at the launch of the promotion in Lilongwe, NFB’s Chief Commercial Officer Bernard Mkandawire said the bank targets to stimulate both existing and new customers to a saving culture.

“Moto Buu aims to increase our bond with customers through mobilization of deposits of individual and group savings accounts from both existing and new customers. We believe this promotion will excite the market and drive more rewards to customers,” explained Mkandawire.

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NFB Steps up Financial Inclusion with Banki Pakwathu

by NFB Malawi NFB Malawi No Comments

Talk of the market globally is financial inclusion and New Finance Bank (NFB) is leaving no stone unturned to raise the bar and champion this drive in Malawi’s banking industry.

Walking its majestic talk, NFB recently stepped up its game by rolling out agency banking.

NFB’s Agency banking, dubbed ‘Banki Pakwathu’ takes transactions beyond the banking hall to the homes of the people with unlimited convenience, using Banki Pakwathu agents. NFB is tapping on the growth of people with mobile phones to boost financial inclusion by enabling them access banking services remotely using these agents, thereby reaching the unbanked, defeating geographical barriers and banking hall congestion.

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