NBM unveils ambitious growth strategy
Bank of the nation, National Bank of Malawi (NBM) has unveiled an ambitious strategic plan where it intends to deliver a shareholders profit- after-tax equivalent of $100 million while operating in four countries by 2027.
NBM Board Chairman, Jimmy Lipunga and Chief Executive Officer (CEO), Macfussy Kawawa unpacked the new strategic plan, which is effective this year, during the inaugural stakeholders conference in Blantyre on Wednesday.
Lipunga said that being in a global village it does not hurt to spread tentacles beyond one’s own country.
“Where there is a will actually you know things will happen, and remember it’s all about risk management as well you need to be present in more than one country if you have grown your capital to a certain level you want to manage your strategic or political risks so if there was a problem in Malawi you never know it could be economic or environmental you should be protected at least in other countries,” said Lipunga.
On his part, Kawawa said the Bank has different initiatives and pillars under the new strategy being used to achieve the goal by 2027.
”This strategy has a focus which in summary we have called the 1-2-4-100 focus goal, to be the number one digitized bank in the country, have at least two million customers within the group by 2027, to be in four countries, and not the two that we are currently operating from and also to deliver to our shareholders a profit after tax to the equivalent of 100 million US dollars,” said Kawawa.
Kawawa also briefed the shareholders on the notable achievements the bank made from 2018 to 2022 which include the acquisition of a 60.48% share in Akiba Commercial Bank in Tanzania, implementation of Agent Banking and the introduction of digital banking solutions, and growth in the share price from K1,500 to K2,000 on the stock market.
One of the shareholders, Vera Zulu from Old Mutual applauded NBM’s new strategic plan saying it shows the board and management striving to ensure the bank remains a solid company.
“The board and management are making sure that National Bank remains a very strong company in the next couple of years and as a shareholder I am really impressed,” said Zulu.
Minority Shareholder Association general secretary, Frank Harawa however, advised NBM board and management to exercise caution in its expansion drive by taking into account the current economic trends which has already pushed some banks to the trenches in America.
