Malawi economic crisis bites Standard Bank

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Standard Bank has said it’s business in Malawi is tumbling to oblivion as a result of the economic recession that has hit the country. The Bank made the statement when it announced today that it will no longer sponsor the Standard Bank Knockout Cup.

Standard Bank of Malawi

Malawi economic crisis sends Standard Bank tumbling

The Bank states that the pace that the country’s economy is taking has made it “increasingly challenging” for the bank to generate revenue.

“In light of the changes in the macroeconomic environment and all the attendant business challenges, the bank has had to refocus its strategy. What has become apparent in recent years is that, it has become increasingly challenging to grow the revenue of the bank at a pace which allows the bank which matches the increase in costs” reads part of the statement.

The decision by Standard Bank serves as evidence that the deepening inflation in the country is driving “a slump in investor confidence”. Just last month, the value of the Malawi Kwacha dropped to its record lowest point sending a shockwave of price increases on goods and commodities.

“We have been forced by these circumstances to become more introspective about how we think about continuing to build a sustainable business going into the future. As a consequence, we have had to take a closer look at our revenue structure and potential, as well as our cost structure, and we have unfortunately found ourselves needing to make some uncomfortable decisions” the bank further explains its decision.

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63 Comments

  1. I guess Standard Bank will be back in a week or two because Malawis Finance minister told the country that the economy will stabilise by then. If not, we just have to look up to God like he said the other day. Or we can start taking one meal a day as per Agriculture minister put it so that we can contribute and continue with the Knock Out cup since we are so much in love with it. Otherwise, the bank’s statement is indisputable.

  2. I guess Standard Bank will be back in a week or two because Malawis Finance minister told the country that the economy will stabilise by then. If not, we just have to look up to God like he said the other day. Or we can start taking one meal a day as per Agriculture minister put it so that we can contribute and continue with the Knock Out cup since we are so much in love with it. Otherwise, the bank’s statement is indisputable.

  3. ngati anthuwa anakana zoona kuti Bingu wamwalira ndiye apa palinso chani,akuwona kuti kwacha silibwino koma akuti its on truck,is there any difference ndikubisa maliro,everything is falling in malawi,president falling ,kwacha falling,ministers lying, we are in trouble.omwe anavotera boma ili ndiomwe akuvutikanso kwambiri.

  4. ngati anthuwa anakana zoona kuti Bingu wamwalira ndiye apa palinso chani,akuwona kuti kwacha silibwino koma akuti its on truck,is there any difference ndikubisa maliro,everything is falling in malawi,president falling ,kwacha falling,ministers lying, we are in trouble.omwe anavotera boma ili ndiomwe akuvutikanso kwambiri.

  5. Economy is in crisis! Just go in our major shops and check the number of people buying goods and the quantity at which goods are being bought! Zinthu zavutadi pamalawi.

  6. shortlly there will be a stalemate things will reach a point so that we will be looking at each other if our leaders just looking in heaven thinking God will give us manna kkkkkkk

  7. shortlly there will be a stalemate things will reach a point so that we will be looking at each other if our leaders just looking in heaven thinking God will give us manna kkkkkkk

  8. Goverment abandon the standard bank services and switched to Nbs bank ndinkona ntchito zao zalowa pansi. za economy ndi part time chabe yakulowa pansi chachuma cha bank imeneyi. Akati akhape ma service ao mmmmm alibenso mzao. Iyi ndi bank ya azungu ndiye azunguo adapita ndi asamunda ndiye ziwavuyadi sanati

  9. Goverment abandon the standard bank services and switched to Nbs bank ndinkona ntchito zao zalowa pansi. za economy ndi part time chabe yakulowa pansi chachuma cha bank imeneyi. Akati akhape ma service ao mmmmm alibenso mzao. Iyi ndi bank ya azungu ndiye azunguo adapita ndi asamunda ndiye ziwavuyadi sanati

  10. that is not the way to write it doesn’t mean they can not afford, they have priorities, last year they made over MK6 billion profit

  11. The leaders are like snakes that stays 2gether with rock mice in one tunneled curve. They seem to protect the mice from predators. When the snakes feel hungry they eat the mice is that protection? The country is depending on malawian taxes for 4 budget,no wonder we are on ecomic tension. Anduna avomereze chuma chasokonekera. Dont fool the Malawians.

  12. The leaders are like snakes that stays 2gether with rock mice in one tunneled curve. They seem to protect the mice from predators. When the snakes feel hungry they eat the mice is that protection? The country is depending on malawian taxes for 4 budget,no wonder we are on ecomic tension. Anduna avomereze chuma chasokonekera. Dont fool the Malawians.