As the fight against corruption continues in Malawi, Products & Services Bureau Ltd (PSB) has launched a digital platform dubbed ‘Tenderite’ which seeks to deter occurrence of corrupt and fraudulent practices in institutions.
Tenderite was launched on Wednesday 23rd August, 2023 in Blantyre where officials from PSB demonstrated how the invention will be working and of course protect institutions’ money from corrupt officers.
Speaking at the launch, PSB Founder and Executive Chairperson William Sichinga, described tTenderite as corruption vaccine to deter occurrences of corrupt and fraudulent practices, bias, unfairness or nepotism in procurement of goods and services.
Sichinga said PSB was compelled to invent the mechanism following statistical analysis that 98% of human beings are corrupt, dishonest and nepotistic, while 2% of human beings could be incorrupt and honest, but have different levels of nepotism.
He revealed that Tenderite is used by institutions to source and evaluate quotations and bids online in order to deter any occurrence of corrupt and fraudulent practices and in the same place reducing the human influence in procurement decision making.
The founder further reported that with Tenderite, consumers can control and stabilize prices of goods and services by supporting firms and it can as well shield consumers, shareholders and voters from predatory executive managers of businesses and government.
“The money that goes into pockets of corrupt people is the money that companies spend as cost of running business and that money is factored and margins are put over that for the consumer to buy goods. So, the first impact that we want to create is to reduce or stabilize prices.
“No more money should go into corrupt people’s pockets. Apart from that, shareholders invest, then with corruption on that level its unpredictable, so, we want to create some confidence in shareholders that they can come and invest in Malawi without their money going into corrupt people’s pockets,” said Sichinga.
Sichinga continued by saying that it is always consumers who suffer when private institutions are engaged in corrupt practices as the overpricing burden is imposed on them and added that corruption in public institutions compromises quantity and quality of services.
While emphasizing that Tenderite can accommodate the whole world, Sichinga wooed both public and private institutions in Malawi to be part of the modern way of protecting institutions’ money from corrupt officers.
Sichich further indicated that the company currently has over 150 institutions which are using the corruption vaccine in Malawi.
During the event, Sichinga also announced that Reunion Insurance Company Ltd is the 2022 Tenderite institution of integrity.
