First Capital Bank (FCB) has described the local market as tough despite having huge opportunities for business growth.
FCB Group Chief Executive Officer Jaco Vilgoen was speaking in Mzuzu at a client-engagement cocktail where new FCB Malawi Chief Executive Officer Agness Jazza was introduced.
Vilgoen was commenting on the bank’s footing on the landscape amid challenges which include forex scarcity, local currency volatility and recent upward adjustment in the policy rate.
According to Vilgoen comparatively, the Malawi market has vast opportunities despite being characterised by myriad challenges.
“If I compare with other markets, I think Malawi is a tough market. You know four of the markets that we are operating in are all landlocked, which makes unique challenges in terms of imports and exports. But, that being said, our Malawi business is actually growing, it is actually one of fastest growing businesses in the last three years.
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“The challenge in the other countries is volatility, it goes up and down, but I think in Malawi if you understand the local market, you understand the business, there are huge opportunities. We feel we are very fortunate,” he said.
Vilgoen then said the group expects the bank to continue growing exponentially under Jazza’s leadership.
Speaking at the event, Jazza said she anticipates placing FCB as the leading bank in the next three years.
“We will do that through our relationship management team where we will make sure that we are interacting with our clients on a frequent basis and we will also make sure that our products are related to what our clients want,” she said.
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Jazza has been working with the bank since 1997.
