Saturday, April 11, 2026
No menu items!
spot_img
Home Blog Page 1221

NBM unveils loan product for share buying on MSE

0

By Chisomo Phiri

National Bank of Malawi (NBM) has introduced a  loan product called ‘Share Purchase Loan Product’ that enables its customers access loans for buying shares on the Malawi Stock Exchange (MSE).

Speaking during the launch in Blantyre on Tuesday, NBM Head of Retail Banking Oswin Kasunda said the loan facility is open to customers, whose regular income is paid directly into their NBM bank account.

“They could be individuals or SMEs but with a demonstration of capacity to repay, observed through inflows on their bank account in the last three months at a minimum.

Oswin Kaunda



“The loan product is only for NBM account holders. The bank will provide a minimum of K250, 000 loan for customers to purchase the shares,” he said.

Kasunda added that the loan product, which can also be acquired by Small and Medium Enterprises (SMEs) could be repaid to a maximum of 36 months.

“The loan package further provides that the shares should be purchased through the Stockbrokers Malawi Limited,” he said.

In his remarks, Stockbrokers Malawi Limited Chief Executive Officer(CEO) Noel Kadzakumanja said the facility will help customers that do not have cash at the right time get an opportunity of buying shares.

“Not always do customers have cash to buy shares. This loan facility is a great opportunity for them,” he said.

NBM is a Malawi’s premier financial institution which provides a wide range of banking services to individuals, corporations, and institutions.

Established in 1971, the bank has grown to become a leading player in the financial industry in the country.

With over 30 branches and more than 100 employees, NBM offers a comprehensive range of banking products and services, including personal and business banking, investment banking, and wealth management.

The bank is committed to providing innovative solutions to meet the diverse needs of its customers, and its strong customer service ethos has earned it a reputation as a trusted and reliable financial partner.

High Court sherriffs release Big Bullets bus after club pays K25 million debt

0

By Chisomo Phiri

High Court sheriffs on Tuesday released the FCB Nyasa Big Bullets bus that was seized last week in Blantyre.

The sheriffs seized the bus and other property over unpaid dues of K25 million owed to former head coach Franco Ndawa.

Bullets Bus



The case dates back to 2016 when Ndawa was fired.

Bullets FC officials managed to pay the money using a post-dated cheque which was meant to mature and be cleared on Tuesday.

Over the weekend, Bullets had to hire a Flames bus for their super league assignment to Lilongwe to play Kamuzu Barracks.

Essential Tours rewards Asimenye Simwaka with K1 million for bronze medal win

0

By Chisomo Phiri

Essential Tours  and Travel Bureau given a female top short distance runner Asimenye Simwaka K1 million for winning bronze medal in 200 metres women category at the Senior African Athletics Championship in Cameroon recently.

The company made a symbolic handover on Tuesday after hosting Simwaka to a dinner at Presidential Hotel in Lilongwe.

Asimenye Simwaka receiving the cheque


In an interview with local media,Essential Tours Managing  Director Chris Luwayo said the gesture is aimed at motivating athletes.

“Her performance has really impressed us and this K1 million donation is a motivation to her so as she keeps working hard,” he said.

In her remarks, Simwaka hailed the company for the gesture.

“I am very thankful for this reward. This is so encouraging and I promise to work extra hard,” said Simwaka.

The multi-talented athlete set new national and personal record after 23.05 to finish third.

She finished third behind Ivory Coast duo of Jessika Lauren Maca Gbai and Maboundu Kone.

Deputy Speaker Kazombo highlights parliamentary oversight failures contributing to Malawi’s debt woes

0

By Burnett Munthali

Deputy Speaker of Parliament, Madalitso Kazombo, has publicly acknowledged that Malawi’s escalating debt crisis is exacerbated by parliamentarians’ tendency to hastily approve financial bills without adequate scrutiny. This revelation was made during the opening session of a two-day national debt conference organized by the Malawi Economic Justice Network (MEJN) in Lilongwe.

The conference aims to foster candid discussions on the detrimental impacts of unsustainable debt levels on social sector investments, ultimately affecting service delivery quality across the nation.

Kazombo



Kazombo, speaking on the parliamentary processes, noted a critical oversight wherein Parliament frequently bypasses the mandatory 28-day period for members to review bills before their first reading. According to Parliamentary Standing Orders, every bill must be circulated among lawmakers at least 28 days before its initial reading.

“In many instances,” Kazombo lamented, “ministers often request waivers of the 28-day notice period, citing urgency for the bill’s passage.” This practice, he emphasized, undermines the rigorous scrutiny essential for ensuring the financial prudence and accountability required in managing public debt.

The Deputy Speaker’s remarks highlight a systemic flaw within Malawi’s legislative oversight, where expedited procedures potentially compromise comprehensive examination of fiscal policies and financial implications. Such oversights contribute significantly to the country’s mounting debt burden, which demands meticulous parliamentary scrutiny to safeguard national financial stability and public trust.

As the national debt conference unfolds, stakeholders are poised to deliberate on strategies to enhance legislative oversight, promote transparency, and strengthen accountability mechanisms within Malawi’s governance framework. The objective is to foster a more informed and responsible approach to managing public finances, thereby mitigating the adverse effects of unsustainable debt on critical social investments.

In conclusion, Deputy Speaker Kazombo’s candid assessment serves as a clarion call for reforming parliamentary practices to ensure robust scrutiny and adherence to procedural norms, crucial in safeguarding Malawi’s economic resilience and sustainable development goals.

Abida Mia declares candidacy for MCP Second Vice President position

0

By Burnett Munthali

Abida Mia, a prominent figure in Lower Shire politics and wife of the late Mohammed Sidik Mia, has officially thrown her hat into the ring to contest for the position of second vice president within the ruling Malawi Congress Party (MCP). Mrs. Mia confirmed her candidacy to Timveni Online, signaling her intention to play a more prominent role in the party’s leadership.

Mrs. Mia’s political journey spans several decades, beginning with her involvement in the United Democratic Front (UDF) and continuing through affiliations with the Democratic Progressive Party (DPP) and Peoples Party (PP). She has earned a reputation for her behind-the-scenes organizational skills, particularly in coordinating and mobilizing delegates during party conventions.

Abida Mia



The upcoming MCP convention in August 2024 holds significant implications as it marks the final opportunity before the 2025 elections for party members to elect new leadership. The individuals chosen during this convention are poised to serve a five-year term, potentially positioning themselves for succession to higher office, including the presidency, depending on electoral outcomes in 2025 or 2030.

Abida Mia’s candidacy for second vice president underscores her ambition to leverage her experience and network within MCP circles to influence party dynamics and future leadership trajectories. Her entry into the race adds a new dimension to the party’s internal dynamics and signals a proactive stance in shaping its future course.

As preparations for the MCP convention intensify, all eyes will be on the outcome, which promises to shape the party’s direction and leadership landscape heading into the pivotal 2025 general elections.

**Follow Timveni Online for updates on Abida Mia’s campaign and other developments leading up to the MCP convention. Stay informed as Malawi’s political landscape evolves.**