New Finance Bank

New Finance Bank (NFB), whose complete name is New Finance Bank Malawi Limited is a commercial bank in Malawi. It is one of the commercial banks licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.[1][3][4]

New Finance Bank Limited
TypePrivate company
IndustryFinancial services
Founded (2014-07-24) July 24, 2014[1]
Headquarters
Lilongwe
,
Malawi
Key people
Francis Pelekamoyo
Chairman[2]
Zandie Shaba
Managing Director[3]
ProductsLoans, Transaction accounts, Savings, Investments, Debit cards
RevenueIncrease:Aftertax:
Number of employees
96 (2017)[2]
WebsiteHomepage

Location

The bank's headquarters and main branch are located in Mwai House, at 13/112 Independence Drive, in the central business district of the city of Lilongwe, the capital and administrative headquarters of Malawi.[4] The geographical coordinates of New Finance Bank headquarters are: 13°57'45.2"S, 33°47'47.3"E (Latitude:-13.962500; Longitude:33.796389).[5]

Overview

The bank received a banking licence from the Reserve Bank of Malawi on 13 May 2014 and began commercial transactions on 24 July 2014. New Finance Bank Malawi Limited has one subsidiary, NFB Forex Bureau, where it maintains 100 percent ownership.[1] The bank serves all members of society, with special focus on those who are financially under-served.[3]

Branches

As of April 2018, New Finance Bank maintained six networked branches and eleven automated teller machines, including at the following locations:[6]

  1. Lilongwe Old Town Branch: CIL House, Lilongwe
  2. Lilongwe City Centre Branch: Mwai House, Independence Drive, City Centre, Lilongwe (Main Branch)
  3. Gateway Mall Branch: Gateway Mall, City Centre, Lilongwe
  4. Blantyre Branch: Median House, Opposite Malawi Stock Exchange, Victoria Avenue, Blantyre
  5. Limbe Branch: City Plaza Building, Limbe
  6. Dzaleka Branch: Dzaleka Refugee Camp, Dowa[3][7]

Ownership

As of April 2018, the stock of the bank, was owned by the following entities:[1][2]

New Finance Bank Stock Ownership
RankName of OwnerPercentage Ownership
1MyBucks of Luxembourg50.0[2]
2Finsbury Investment of Scotland50.0[2]
Total100.00

See also

References
  1. New Finance Bank (23 April 2018). "New Finance Bank:Company Overview". Lilongwe: New Finance Bank. Retrieved 23 April 2018.
  2. Gwende, Wanga (25 July 2017). "MyBucks Buys 50% Stake in New Finance Bank of Malawi: Pelekamoyo Plays Down Job Cuts". Nyasa Times. Blantyre. Retrieved 23 April 2018.
  3. John Paul Kayuni (17 April 2018). "Malawi: New Finance Bank Branch Opens At Dzaleka Refugee Camp". Nyasa Times. Blantyre. Retrieved 23 April 2018.
  4. Bloomberg (23 April 2018). "Company Overview of New Finance Bank Malawi Limited". Bloomberg LP. Retrieved 23 April 2018.
  5. Google (23 April 2018). "Location of the headquarters of New Finance Bank, Independence Drive, Lilongwe, Malawi" (Map). Google Maps. Google. Retrieved 23 April 2018.
  6. New Finance Bank (23 April 2018). "The Branch Network of New Finance Bank". Lilongwe: New Finance Bank. Retrieved 23 April 2018.
  7. Mkandawire, Fostina (16 April 2018). "Minister hails New Finance Bank for opening first ever bank at Dzaleka Refugee Camp". Lilongwe: Malawi News Agency Online. Retrieved 23 April 2018.
  8. Globefeed.com (23 April 2018). "Distance between Dowa, Malawi and Dzaleka, M16, Malawi". Globefeed.com. Retrieved 23 April 2018.
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