NBM confident in expansion plans to Mozambique, Zambia

Authorities at National Bank of Malawi (NMB) Plc are optimistic about achieving their 2027 goal of expanding the bank’s presence to four countries within the region.

Currently, NMB operates in Malawi and Tanzania, having acquired 60 percent of shares in Akiba Commercial Bank.

The bank is actively pursuing opportunities in two additional countries, aiming to expand into Mozambique and Zambia as part of its new growth strategy.

“These deals you don’t just walk in and acquire a bank. We want countries where there are customers plying their trade for us to be a truly regional bank, serving customers that are operating within the region.

“Wewe want banks that have got the philosophy and culture that aligns with our own. So, making that search and ticking all the boxes hasn’t been that easy but I do not doubt that we will achieve this because the efforts on the ground show that there is light at the end of the tunnel,” said Macfussy Kawawa who is NBM chief executive.

Addressing concerns regarding restrictions in accessing cash, Kawawa assured that the bank will adhere to regulations from both countries to ensure customers can enjoy the bank’s services everywhere.

“There are indeed restrictions and we have to abide by the rules within the country and the region. So, whilst the desire is for that mobility to be well supported, from the banking viewpoint, we must ensure that we follow the procedures and regulations of both countries, the home country Malawi and in the case of Akiba Bank, Tanzania,” Kawawa added.