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NBM Development Bank of Malawi joins SADC DFI Network
The NBM Development Bank of Malawi signed the SADC DFI Network Memorandum of Understanding at the bi-annual meeting of the network held on 8th June 2023 at the Swakopmund Hotel and Entertainment Centre, Namibia. This brings the total number of Network Members to forty-one (41), and now two DFIs from Malawi, including the Export Development Fund. The NBMDB was represented by Ms Esnat Kamudoni, the Chief Operating Officer, while the SADC DFI Network was represented by the Chair, Mr Francis Macheka and the DFRC CEO, Mr Stuart Kufeni. The signing was witnessed by a full Network meeting.
This bank is a 100% owned subsidiary of National Bank of Malawi mandated to support SMEs, including start-up businesses, and is registered as a DFI and licensed by Reserve Bank of Malawi in May 2019. It operates in 7 key sectors in line with strategic goals of Malawi under the MW 2063 Agenda.
Expansion of membership is one of the key objectives under strategic objectives of the DFRC, hence efforts continue to bring more members on board to broaden the Network.