RBM mum on Mzuzu Branch opening

The Reserve Bank of Malawi (RBM) continues to keep a tight lid on when the new Mzuzu Branch will open, but said the branch has so far started handling cash transactions for distribution to commercial banks in the Northern Region.

This week, armoured vehicles could be seen delivering cash at the bank, which has not been opened officially since November 21 2015 when government was expected to commission the branch.

In an interview on Monday, RBM spokesperson Mbane Ngwira confirmed that some operations started some time back, mainly handling cash transactions for commercial banks.

He said: “Yes, we have been using some commercial banks as our sub-chest in the past, but it is true that we have now started using our own.”

Ngwira, however, did not say when the branch will officially open, saying “it all depends on authorities”. He said the constructor of the new branch has handed over all the facilities to the central bank.

RBM postponed the official opening of its newly built Mzuzu Branch, which was scheduled for November 21 as part of the bank’s 50th anniversary celebrations.

Sources said President Peter Mutharika is expected to officially open the branch, and currently has a tight schedule that cannot accommodate the event.

RBM has its headquarters in Lilongwe and a branch in Blantyre, the commercial capital. The Mzuzu Branch will be the central bank’s second branch.