Malawi Stock Exchange-listed FDH Bank plc and Innobuild Private Limited have signed an agreement which will see the bank opening a K2 billion funding window to be accessed as loan by clients intending to acquire land.
FDH Bank plc Head of Personal and Investment Banking Kawawa Msapato says in a statement that, as a financial institution which believes in growth, the bank has partnered Innobuild to support Malawians acquire land easily.
He said the bank had started offering Malawians credit facilities worth K2 billion to empower them acquire land in Lilongwe.
“The partnership will enable a good number of Malawians to own land in a prime location in line with the bank’s mission of facilitating and making growth possible,” Msapato said.
He said the offer was open to the bank’s existing and potential customers.
He said as a key player in the financial sector, and a partner in national development, FDH Bank plc believed that supporting initiatives such as this would foster growth and economic empowerment.
Innobuild Chief Executive Officer Billy Chiwotha said the firm observed the land access challenges being faced by Malawians in prime locations, hence, coming up with the initiative.
He cited access to actual land, saying most of the prime land was already largely occupied by a few individuals, thereby hindering other Malawians from access despite having financial ability to acquire it.
He also hinted that lack of financial ability to acquire the land was one of the key challenges most Malawians were facing.
“In light of this, Innobuild solicited solutions that will make it easier for Malawians to own land in prime locations in our cities and approached FDH Bank plc to partner us in providing financial backing to Malawians to acquire land,” he said.
Chiwotha said Innobuild envisages that, through the partnership with FDH Bank, more Malawians would own land.