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Banks in Malawi play central role in the country’s economy. They strive to satisfy the needs of their customers by constantly offering innovative products and services to their clients. Malawian banks invest much money into technology to make sure that they serve the public better.
One of the life transforming technology that banks bought is are the ATM machines. The coming of ATM machines help customers to withdraw money even after old hours or during holidays. Then, there are some Malawi banks that provide online banking services. Furthermore, Mobile banking is also becoming more popular.
Registration of Banks in Malawi is done under the Banking act of Malawi.
Below is the list of banks in Malawi.
First of all there is the Reserve bank as the central bank of Malawi. The only bank that issue the Malawian currency. RBM was established in 1968. The headquarters is in Lilongwe.
National Bank of Malawi (NBM)
Second on the list is National Bank of Malawi. NBM is the largest commercial bank in Malawi. The bank has 30 branches across Malawi. It has 900 employees. NBM is listed on Malawi Stock Exchange in 2000.
National Bank of Malawi Online Banking
National bank of Malawi online banking allows customers to make some online transactions.
Next is FDH bank. A Malawian billionaire Thom Mpinganjira in partnership with other companies registered FDH bank . It acquired government-owned Malawi savings Bank on 01, July, 2015.
First Merchant Bank (FMB)
Listed on the Malawi stock exchange in 2016. FMB was registered in 2010. The subsidiaries of FMB include the Leasing and Finance Company of Malawi, FMB capital markets Limited. Has shares in other companies in Zambia, Botswana and Mozambique
CDH Investment Bank (CDHIB)
It is a leading Investment Bank in Malawi. It started its business in 2012. CDHIB investment bank is part of CDH Holdings limited which operates in Malawi and East Africa.
Started operating as a commercial Bank in 2014
Shareholders: NICO Holdings Limited, The public, IFC, NITL, and ESOP.
The bank has 32 service centers spread across Malawi.
NBS bank is on the Malawi Stock Exchange
Also read: What small business to start in Malawi?
Standard Bank Malawi
Standard bank was formerly known as Commercial Bank of Malawi.
Ecobank is also among the top banks in Malawi which offers modern banking services. They are well known for quality customer services.