Madinga takes bankers’ group mantle

Standard Bank Malawi plc chief executive officer Phillip Madinga has taken the mantle at Bankers Association of Malawi (BAM) with a pledge to work with stakeholders to contribute to the country’s key development strategies.

Madinga has replaced Centenary Bank Limited managing director Zandile Shaba whose tenure expired, according to BAM CEO Lyness Nkungula.

In a statement, Nkungula said: “Bankers Association of Malawi is pleased to announce a new executive team. The team will play a pivotal role in driving the association’s strategic initiatives and fostering continued growth.”

FDH Bank plc managing director Noel Mkulichi is first vice-president while First Capital Bank CEO Agnes Jazza is second vice-president, according to the BAM statement.

In an interview yesterday, Madinga, a seasoned banker, said his desire is to see the banking sector promoting the country’s strategic aspirations as espoused in Malawi 2063, the country’s long-term development plan which seeks to transform the economy to lower middle income status by 2030 and upper middle income by 2063.

He said: “Obviously, I am excited about the new role and looking forward to how as a banking industry we can work with different stakeholders, including the Reserve Bank of Malawi [RBM], National Planning Commission and government in supporting the achievement of our Malawi 2063 by supporting some of the recent key initiatives such as the agriculture, tourism and mining strategy and how we can support Malawi to recover and get on a sustainable growth path.”

Madinga also said there is need to strengthen the banking sector to be robust and strong.

In a separate interview yesterday, Reserve Bank of Malawi spokesperson Mark Lungu said the central bank is ready to work with Madinga and his team.

He said: “We are ready to work with the BAM’s new leadership as stakeholders. In fact, we have worked with Mr Madinga before and we know his qualities which we believe will assist in lifting the association higher to the benefit of the country as a whole.”

BAM is an association of eight commercial banks and one discount house. It was established to provide a forum for the consideration of matters of policy and mutual interest concerning the activities of its members.