One of the country’s commercial banks, FDH says it eyes a stable business operating environment in the country with the possibility of stabilised macroeconomic fundamentals in the medium term.
However, this is in sharp contrast with predictions from other experts who say the economic outlook remains gloomy due to negative impact of the weather related shocks coupled with persistent high inflation.
Commenting on the business performance following the merger with the then government owned Malawi Savings Bank (MSB), FDH’s Head of Marketing, Sobhuza Ngwenya, said operations of the business have been partly affected by the prevailing economic hurdles that stifled most businesses in country in the recent past.
He highlighted high inflation and interest rates as major challenges that affected the business operations as “consumers are having challenges to live a good economic life”.
Ngwenya further highlighted that the current food scarcity has also posed a threat and affected several other areas of the economy.
He, however, remained upbeat that the future of the business operating environment may improve, owing to the possibility of ease in the inflationary pressure among other things.
“In the short term, it is a challenging economic environment. But we look forward that the situation may improve and see business growth as we help in the growth of our customers and the economy as well,” said Ngwenya.
Meanwhile, the bank says it has completed its formal merger process with MSB and is working towards rebranding the former MSB branches.
He said already, its customer saving system has been merged with the core banking system also completed and installed.
“Although our customers will still see some MSB branded banks, but the bank is now FDH bank and in due course we are going to do the rebranding. This means that the banks have now been fully merged,”
Over 47 branches of the bank are to be rebranded countrywide.