Flames get FDH relief
FDH Bank plc says it is open to discuss the Flames sponsorship review to cushion the impact of the economic challenges, especially the rising cost of goods and services
FDH Financial Holdings Limited chief executive officer William Mpinganjira made the statement on Monday after handing over a K190 million luxury coach to the Malawi National Football Team, The Flames, in Blantyre.
The FDH Bank plc, a subsidiary of FDH Financial Holdings Limited, signed a K360 million three-year sponsorship deal for the Flames in 2021, translating to K120 million annual support until 2024.
However, with two years left on the deal, the country has been hit with economic challenges emanating from the effects of Covid-19 and the Russia and Ukraine conflict, among others.
The situation was also worsened by the 25 percent devaluation of the kwacha on May 27 2022 which further pushed up the cost of living.
“As it stands now, we have a fixed kind of contract with the Flames. However, as partners, we are open to talks as we all know the situation and the environment we are operating in,” said Mpinganjira.
He said the bank also supports the Flames outside the current sponsorship contract through its larger marketing budget and the purchase of the custom-made Yutong coach which was granted duty waiver by the Malawi Government.
“There are always areas that require improvement to ensure that we sustainably assist the national football team. Our door is open for discussion on such issues,” said Mpinganjira.
Football Association of Malawi (FAM) president Walter Nyamilandu said the local football governing body is happy that the bank has opened the door for discussion on the sponsorship.
“We are happy that FDH Bank’s door is open. For instance, we never asked them to buy this bus for us. We are glad that in their boardroom, they are already discussing what they can do towards the Flames sponsorship,” he said.
Nyamilandu further said that they will be grateful with a possible sponsorship increase because the Flames’ demands are enormous.
“The demands of the national team are huge, but we do not want to be seen as being ungrateful to the sponsors. We are always grateful with the little we receive,” he said.
“We cannot continue knocking on FDH Bank’s door when they are already doing so much to support us. They bankroll the FDH Bank Cup, they support the Flames and they have bought us a bus. I think sometimes, we must be realistic when asking for favours from such Good Samaritans. We are glad that they keep surprising us.”
Flames captain Stanley Sanudi said they were motivated by the bank’s continued support and willingness to do more to support the national team.
Nyamilandu and Sanudi reiterated that the brandnew coach will do wonders for the Flames as it will help the national team cut transportation costs.
The handover ceremony of the coach started with a celebration parade led by the Malawi Police Service Brass Band from Clock Tower to FDH Bank head office in Umoyo House in Blantyre central business district.
