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FDH, NBS firing 400

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Two of the major financial institutions in Malawi; First Discount House (FDH) and New Building Society (NBS) banks are planning to axe about 400 employees by April this year.

As per reports from the two banks the never ticking economy has forced the banks to arrive at the decision.

The Banks also blame the mushrooming of village banks as a set back to the banking sector since people are opting to borrow money from village banks due to low interest rates than major commercials banks because of high interest rates.

NBS will sack 300 workers by April while FDH will let go about 100 by March. Business mogul, Nick Yiannakis has blamed government for the mess rocking the banking sector.

“The loss of jobs is terrible and alarming. DPP’s policies have failed to help matters instead they have just contributed to the suffering of Malawians because nothing is working.

“Since Mutharika ascended to power, how many jobs has his government created? How many companies has his government contributed to their closure?” he asked.

“Malawi Government must hold meetings with private sector and hear what needs to be said. Private section has lost trust and confidence in doing business in Malawi. Action is greater than cheap words. Look at Malawi without private sector! Total disaster. Interest rates must be reduced to at least 14%, taxation reduced drastically,” said Yiannakis.

He added that Malawians especially the youth will indulge into immoral behaviours because of their idleness.

“I think it is better for the President and his team to resign than to kill million with poverty.

“Lack of jobs will make Malawians very poor because as a country we have failed to give them jobs as well as creating a condusive environment for them to business. Corruption or development is the question one must ask themselves,” said Yiannakis.

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54 Comments

  1. Mpume Banda January 12, 2017 at 2:49 am -  Reply
  2. Elijah Lackson Mapulango January 12, 2017 at 3:13 am -  Reply

    anthu 400 kuchosedwa ntchito pameneso ena ambili apanga graduate ku accounting muma univesirty amdziko lino chomcho ULOVA UNGATHE?? mapeto ake ndizo anthu akumira mutsinje wa LIMPOMPO pozembela south africa,ndie ngat akuchokocha waku bank ine mka MSCE kangaka ntchito ingapatike??

    • Chikondi Vincent January 13, 2017 at 3:01 pm -  Reply

      wamilira ndani?

  3. Chawanangwa Mhango January 12, 2017 at 3:17 am -  Reply

    sad news

  4. Shadrick Kachule January 12, 2017 at 3:42 am -  Reply

    The economy is so weak.

  5. Ximena Violet Chiphiko January 12, 2017 at 4:22 am -  Reply

    Obama created jobs and how about trump??? Anthu ena ayamba kale kufuna mmmm this is not good not good

    • Andrew Chiphiko Moyo January 12, 2017 at 7:17 am -  Reply

      Jobs for foreigners

    • Ximena Violet Chiphiko January 12, 2017 at 7:24 am -  Reply

      This is similar. Anthu 400!??? Oooh my word. Who knows wat will happen soon..

  6. Angoni Angoni January 12, 2017 at 4:57 am -  Reply

    That’s why i prefer farming than working. ..

    • Arthur Chipanda January 12, 2017 at 5:06 pm -  Reply

      You won’t sell your produce one day and that’s when you will understand these issues better

    • Makonyola Mich January 13, 2017 at 11:12 am -  Reply

      Muuzeni sakudziwa. We need political will to improve almost everything in a country.

    • Arthur Chipanda January 13, 2017 at 12:30 pm -  Reply

      Awafunse alumni a fodya

  7. Sinapondamtota Mbirithire Masiyafumbi January 12, 2017 at 5:28 am -  Reply

    DPP supporters whats your say now…….is this country developing? Shame Malawi is in mess Mutharika a total failure

  8. Justin Ndevuzagolide Chibade January 12, 2017 at 5:30 am -  Reply

    Shameful…..we are in a deep mess

  9. Gracious Msukwa January 12, 2017 at 5:41 am -  Reply

    I Thank God that am self emproyed & the goverme depend on my tax.Be an enterprenuer losing a job will be history

    • Ivan Yohaneey January 14, 2017 at 5:30 am -  Reply

      But your customers are on fire this time

  10. Orga Ngauma January 12, 2017 at 6:45 am -  Reply

    Tidazolowera sikoyamba kumva zimenezi zimachitika.

  11. Dav Mbingwanho January 12, 2017 at 7:04 am -  Reply

    Ndichifukwa Chake Mukudulapo Ndalama ANBS,mukufuna Mubele2

  12. Rashid Reha January 12, 2017 at 8:37 am -  Reply

    For this kind of mess its the government to blame.

  13. Yvonnie Mai A Yanja January 12, 2017 at 9:57 am -  Reply

    Chiletso Mbewe Ukuona izizi?

  14. Uchi Zi January 12, 2017 at 10:06 am -  Reply

    Is DPP doing this or the management of the bank?
    Banks learn manage to secure your worker. Don’t blame the ruling party but blame your failure. Cause you people are stinger and robbers from innocent hardworking Malawians.
    Mukhaula bank mu khonde ndiye tinjoya, this now i call Democrancy and destralization,DPP done its part. See you in march.

    • Zirare Phillimon Phiri SC January 12, 2017 at 3:07 pm -  Reply

      Am sorry to say this, but u have just shown that u don’t understand how the economy functions at the helm of government policies. don’t b a hand clapper. ur government has failed.

    • Joseph Chagoma January 12, 2017 at 4:01 pm -  Reply

      Which policies are you talking about here???

    • Stain Chigumula January 12, 2017 at 7:24 pm -  Reply

      This is due to lack of political will here in malawi government is borrowing alot of money from commercial bank that has lead most banks not to

    • Stain Chigumula January 12, 2017 at 7:25 pm -  Reply

      Manage paying their staff coz the are now under budgeted

    • Rodgers Tsoka January 13, 2017 at 11:02 am -  Reply

      Even in the best circumstances our businesses, especially those managed by most Malawians, can’t do well. The making money is not in our genes but stealing it. We don’t have the cutting-edge and instinct to exploit opportunities but sniff opportunities to steal. Our goals are temporally and myopic. Even the so-called banks are run by bookish ex-village pedestrians whose qualification is a paper they can’t add pragmatic wisdom. As a result, Govt as mandated by the people, has to employ stratagems to keep things going. You see due to their laziness the banks prefer to lend the Govt. not the so called private sector. It’s the so called “engine of development” gangs that must do some thing.

    • Chimwemwe Phuzekemisi Sikelo January 13, 2017 at 3:10 pm -  Reply

      Why banks lending the govt, lazy banks. they have to kiss the wrath. they have done enough to us. where is the 400 figure coming from yet u find 1 or 2 cashiers in main street branches and we queue for several hours just to deposit our little earnings. the best way to go is bank mmudzi, sacco, chipereganyo. time for balance sheet profit of 300 to 400% is up. mumanyanya kulanda katundu wa anthu, kuyalutsana mu nyuzipepala, lero musati ndi APM Policies.

  15. Stevenson Makungwa January 12, 2017 at 10:27 am -  Reply

    I support VILLAGE BANKS.

  16. Waziona Kasokolo January 12, 2017 at 10:47 am -  Reply

    Bad economy…

  17. Henderson Mauluka Herbert January 12, 2017 at 11:44 am -  Reply

    Ok akangowachotsa anthu ochuruka chomwecho ifenso tichotsako ndalama zathu

  18. Samson Funya January 12, 2017 at 11:44 am -  Reply

    This is one of the indicators of the ailing economy caused by poor policies.Govt needs to do something b4 things get out of hand otherwise we r heading to hyperinflation like that of Zimbabwe.This hyperinflation will make us drop our own currency and start using other powerful currencies the likes of usd,pound and many others.Instead of creating jobs govt. is busy creating unemployment.The laying off of employees can discourage those who r still studying harder to get employed.

    • Joseph Chagoma January 12, 2017 at 4:00 pm -  Reply

      Well said, but which policies are you talking about??

    • Samson Funya January 12, 2017 at 4:52 pm -  Reply

      Fiscal and monetary policies(economic policies),agric. Policies and many others too numerous to mention…….@ joseph chagoma

  19. Mphatso Nyirenda January 12, 2017 at 11:44 am -  Reply

    Crisis

  20. Chancy Wiza Hazard WaChipofyah January 12, 2017 at 11:51 am -  Reply

    Zoxakhala bwino kma zimenez

  21. Janet Kaliwo January 12, 2017 at 12:39 pm -  Reply
  22. Cornelius Thunga January 12, 2017 at 1:29 pm -  Reply

    Mbava za maBank, zakhaula.

  23. Andy Andra Nampinga January 12, 2017 at 2:29 pm -  Reply

    VERY BAD NEWS

  24. Zirare Phillimon Phiri SC January 12, 2017 at 3:09 pm -  Reply

    I know the cadets won’t be pleased, but APM must go.

  25. Nick Yiannakis January 12, 2017 at 3:15 pm -  Reply

    Uchi Zi, if Goverment does not put out policies that attract business minded people from within and out of Malawi, then their is a knock on effect. Meaning, the bad business policies/atmosphere is felt and once trust is broken, an invester will not risk their money and time taking chances. Would you risk your cash?

  26. Kamanga Clement January 12, 2017 at 4:47 pm -  Reply

    This is a government of experinent

  27. Happy Nkunika January 12, 2017 at 4:49 pm -  Reply

    Kkkkk

  28. Ernest Kondowe January 12, 2017 at 5:11 pm -  Reply

    The pitala government shame

  29. Herbert Mphatso Mtalika January 12, 2017 at 6:49 pm -  Reply

    ???? village bank is the way to go. Easy access to financing , the flexibility which lacks in the bank. One wants to borrow 1M Kwacha only and they want tittle deeds, land certificate for what? Which house can one build worthy 1M and for God sake have documentation ? VBank will give you with no hassles.

  30. Lawrence Thee Dolamite Walker January 12, 2017 at 7:30 pm -  Reply

    Lawd

  31. Ps Webster Kawamba January 12, 2017 at 7:31 pm -  Reply
  32. Annie Kadzanja January 13, 2017 at 6:50 am -  Reply

    Sad development

  33. Caigon Weniweni Anakwenda January 13, 2017 at 8:13 am -  Reply

    400 guys will be jobless? that means more than a thousand people will suffer…they have families remember that…and someone is busy studying to work in the bank..hell no not in malawi,kwavuta!

  34. Don Tarz Nyanja January 13, 2017 at 9:21 am -  Reply

    Mpamba.. airtel money … mmmmh banks cant survive

  35. Makonyola Mich January 13, 2017 at 11:18 am -  Reply

    After all I don’t see the relevance of bankers. I don’t keep hard cash be it at bank or at home. I keep my money in investiments. So fuck off bankers. I don’t care who or when a banker (thief) loses a job. What a banker know is kukwerana okha okha mma ofesi and stealing poor man’s money. Inu ameene akazanu amagwira Ku bank, know that her supervisor is bonking her weekly inside that hell of their offices. So to me, I don’t care.

  36. Steve Ulaya January 13, 2017 at 12:41 pm -  Reply

    The banks have to come up with other inovations to compete with the village banks like processing fee and the interest rate. If the economy is bad to the lender what more the borrower.

  37. John Madi January 13, 2017 at 12:51 pm -  Reply

    Tiyeni achinyamatawa tiwaphunzitse ntchitoza manja osamangodalira mma office aeniwake. Ndiye ndi zimenezi. Ndithokoze boma la DPP poyambisa ma community colleges ,uku ndiko timati kukhala ndi vision.

  38. Evance Ngosi January 13, 2017 at 3:30 pm -  Reply

    Very sad news indeed.

  39. Zakeus Morgan Kanyemba January 15, 2017 at 2:19 pm -  Reply

    Shame to the Leader of Malawi Govt!

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