Credit Data Signs MoU With MPC, FDH Bank

One of the country’s credit bureaus, Credit Reference Bureau (CRB) has entered into a memorandum of understanding with Malawi Postal Corporation (MPC) and FDH Bank which will enhance borrowers’ access to credit.

 

The MoU is also expected to reduce the time of processing credit records from three days to five minutes, and prospective borrowers will now be able to see upfront their credit history.

 

RBM Urges Lawyers To Be Conversant With Financial Regulations

The Reserve Bank of Malawi (RBM) has urged lawyers dealing with financial issues to be conversant with the regulatory framework if are to be of benefit to the country’s economic growth.

RBM Secretary, Samuel Malitoni told participants during a seminar for financial services lawyers on Monday that deposit-taking, lending, payment and settlement activities of financial intermediaries have placed banks and other financial institutions at the centre of economic activity of any country.

Tobacco Farmers Urged To Form Cooperatives

Local tobacco growers have been asked to form cooperatives if are to have bargaining powers on pricing.

The Ministry of Agriculture, Irrigation and Water Development Principal Secretary, Grey Nyandule Phiri made the call last weekend in Mzuzu during official opening of the 2017 World Tobacco Growers’ Day Commemorations.

Nyandule Phiri said with cooperatives, it will  be easy for tobacco farmers to access loans from commercial banks, adding the availability of cooperatives among tobacco growers in other countries has proven to be successful.

Malawian Develops Incubator

One of the country’s innovators, Incubators Malawi has developed an incubator for poultry.

 

The Lilongwe-based company Incubators Malawi has developed the incubator to boost the country’s poultry farming.

 

Incubators Malawi  Marketing Officer, Chiku Chikhadzula said the coming in of Incubators Malawi has given hope to farmers as it has made hatching easier by supplying  Incubators at affordable prices.

 

Cape Maclear Investment Project Set For 2018

The ambitious US$3.5 billion Cape Maclear Investment Project is set to commence in Mangochi in 2018, Promoter for Cape Maclear Holdings Limited, Bright Malopa has revealed.

The Cape Maclear Investment Project comprises a Special Economic Zone (SEZ) spread within the radius of 30km around the Cape Maclear peninsular, a state-of-the-art international airport covering a five square km stretch around Cape Maclera region and a smart town linked to the SEZ.

Malawi President Lifts Maize Export Ban

President Peter Mutharika has lifted the maize export ban which was imposed earlier this year, with immediate effect.

Mutharika has removed the ban after meeting Agricultural Development and Marketing Corporation (Admarc) and National Food Reserve Agency (NFRA) senior managers at Admarc head offices in Blantyre on Monday.

The President said the ban was a measure to avoid a repetition of the mistake the country made in 2002 when maize was sold to Kenya, leaving thousands of Malawians affected by famine.

Stansfield Motors Re-Branding Boosts Sales

Stansfield Motors Limited has attributed the boost in sales to the re-branding exercise of its Renault product.

 

Renault was re-introduced in Malawi in 2015, and since then it has managed to sale 150 vehicles out of the 200 it put up for sale.

 

Renault Brand Manager, Michael Khomani, who doubles as the General Manager for Stansfield Motors, told the media that the re-launch of the brand follows an appointment of the company by the Salvador Caetano Group as the only dealer of the Renault brand in Malawi.

 

Malawi’s Export Growth Records Modest Rise

Export trading of agricultural products has managed to register a growth percentage of 6.5 between 2015 and 2016.

World Trade Organization (WTO) figures indicate that exports of goods and services decreased by 6 percent in 2016, while it dropped further from 0.97 percent to 0.94 percent in 2016.

Malawi has been outperformed by Zambia ($5 801 million or K4 billion), Tanzania ($5 072 million or K3.7 billion) and Mozambique ($3 355 or K2.4 billion).

Coffee Growers Rues Low Output

Coffee Association of Malawi (Camal) has taken government to task for failing to ensure that coffee is one of the country’s main foreign exchange earners.

Camal Board Chairperson, Robin Saunders said told The Nation that “very little is invested in coffee production” as compared to other crops such as tobacco, which is the country’s number one foreign exchange earner, contributing about 60 percent of the country’s forex earnings.

Malawi coffee is on high demand in the United States, United Kingdom and South Africa.

MCC To Decide Malawi’s Compact Qualification In December

The Millennium Challenge Corporation (MCC) is expected to decide whether Malawi qualifies for the second compact after the expiry of $350.7 million (K256 billion) five-year energy compact.

MCC Malawi Resident Country Director, Molly Glenn told the media on Friday that every year in December, the board of MCC, chaired by Secretary of State Rex Tillerson, meets to look at eligible countries and Malawi is one of them.