Malawi financial meltdown: NBS Bank close down

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The financial difficulties that the country is going through continue to rear their head.

After the government of President Peter Mutharika rescinded on its decision to hire medical professionals owing to its lack of money, the banking sector has become the latest victim of the financial meltdown.

NBS Bank Malawi customers

Desperate NBS Bank customers

Information that Malawi24 has indicates that NBS Bank has been failing to serve its customers across the country. A survey that was conducted at the bank premises in Blantyre yesterday and some spots in the capital city, Lilongwe, revealed that customers were just waiting in the bank with nobody to help them.

“We have been told that it is a network problem, I have been here or three hours,” NBS bank customer Chifundo Ajibu told Malawi24 in an interview at the Limbe branch in Blantyre.

Some customers in Lilongwe as well told Malawi24 a similar tale that the bank was failing to service them because of network problems.

Further investigations revealed that the problem was not only for Lilongwe and Blantyre districts but was widespread all across the country. Some customers of the bank from other parts of the country disclosed that in their areas they had not been served for at least two days.

“In Liwonde, it started on the 5th, I was turned down and I have been turned down again today,” said another customer of the bank.

Despite the bank saying that the problem was caused due to network failure, some sources have told Malawi24 that the actual cause was not the network failure.

A source who works with the bank told Malawi24 that the issue was not what the public was being given.

“The government of Malawi through the Reserve Bank of Malawi delayed in distributing money to the bank and the bank apparently had run out of cash,” said the source.

Meanwhile other unconfirmed online reports indicated that the problem was caused by a strike of the IT department of the bank. The reports suggested that the decision to have Malawi Congress Party sympathiser Daud Suleman relieved of his duties as the head of IT department at the bank had backfired and staff had gone on strike.

Our source however dismissed that version.

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7 Comments

  1. Bola ngati sizikulowanso chinyengo ndi akuluakulu ena aboma kufuna kusokoneza info ya maghost workers malingana ndi head count exercise ili mkatiyi………………! Malawi udzasiya liti kupusitsidwa????

  2. From my assessment these are just hearsays. Honestry the story has been presented without proper homework on the part of the writer. You need to find out the trueth before bringing the matter out to the public. Your credibility must be questionedd. Don’t just raise unnecessary alarm. Love Nalawi

  3. thanks for the update Malawi 24….However political issues cannot affect the operating system of the Bank coz the nature of Banking Business does not entertain Partisan Staff secondly distribution of Cash from RBM( i suppose Cash Withdrawal) of one branch cannot affect all the branches in Malawi but only Banks that are operating online under a Centralised Server can experience Such a problem…Nethertheless i would love if you had an interview with the IT gurus so that we can have a balanced information.

  4. Shame to my country Malawi. If its true what Malawi 24 said, THEN start old fashion banking KUMBILANI NDALAMA ZANU KU CHIPINDA. REmember Finance bank customers suffered to the maximum. But if Malawi 24 is just creating then am sorry you are making your country shame on global world. The world read your news. Am in RSA

  5. This story does not tell any story. It’s full of speculations. No investigation was done by the writer whatsoever. No substance is published here whatsoever. If read by a non Malawian, this story does not reflect us well. Eeeish Malawi…