Another entity that was faulted for restrictive business practices is National Bank of Malawi, which was ordered by the Competition and Fair Trading Commission (CFTC) to pay K500,000 fine for “engaging in unconscionable conduct in the trade of goods and services” according to a statement released by the CFTC.

The above follows CFTC’s 54th Meeting in Blantyre on 9th January 2020, 72 cases were brought before the Commission in accordance with Section 8 of the Competition and Fair Trading Act; (72) cases of which twenty-four(24) were on alleged unfair trading practices; 19 on Restrictive Business Practices,

twenty-three (23) were on COMESA Mergers while six (6) were on local mergers.

On restrictive business practices, the Commission ordered National Bank of Malawi to pay a fine of MK500,000.00 for engaging in unconscionable conduct in the trade of goods and services. This followed an investigation conducted by the Commission which established that National Bank of Malawi speciously and deceptively charged debit interest to customer accounts and failed to provide timely remedy despite repeated pleas from the affected consumers. The statement signed by CFTC Executive Director James Kaphale, says NBM’s misconduct is an infringement of section 43 of the Competition and Fair Trading Act.

Also in resolve, CFTC ordered for the Bank to provide details of other customers who suffered similar

charges due to the malfunctioning of the Core Banking System; and provide proof that the erroneous charges have been reversed, while timely rectifying its core banking system to guarantee consumer protection.