Ailing Malawi economy forces Standard Bank to withdraw Knock-out Cup sponsorship
The Standard Bank of Malawi has withdrawn the sponsorship of Knock-out sponsorship in which six top Super League automatically qualify for the quarterfinals while two other teams are voted in by the bank’s customers.
The bank announced on Friday they have withdrawn the sponsorship, citing “changes in macroeconomic environment” as reasons.
In a statement made available to Nyasa Times, Standard Bank said it has become increasingly challenging to grow the revenue of the bank at a pace that match the increasing costs of running the trophy.
“In light of the changes in the macroeconomic environment and all the attendant business challenges, the bank has had to refocus its strategy,” a statement says.
Standard Bank says it has become “increasingly challenging” to grow the revenue of the bank at a pace which allows the financial institution matches the increase in costs.
“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 said.
Standard Bank has been bankrolling the trophy since 2007 and the bank said they are “very proud “of the contribution they have made towards football development in the country.
“It goes without saying that football standards have improved as witnessed by the record number of players that have turned professional,” the statement adds.
Standard Bank Cup organising committee chairperson Jabber Alide expressed “shock” with the bank’s announcement.
Civo United are cup holders of the Knock-Out after they defeated Mighty Be Forward Wanderers.
Dis is sad 2 us we love soka guys supalig,casbeg sizokwana to 15 teams tikupempha fam apeze ena awawa azivaya
Gentlemen all those who love the game of football in Malawi let us teach them a lesson. This is what we should do. All of us who have account with them let’s close them and go another service provide. I will be number one moti this Monday I am going to close my account.
Petulo amayenda mumbali lero wakumana nazo kkkkkkkkkkkkkkkkkkkkkkkk
onsewo ndi odyeka except duntu uyo ali pa number 2. sindingamve kukoma naye
Thank you Standard Bank for your Standard part you have played in developing football Standards in Malawi. If the environment is not conducive for you to continue sponsoring, who can accuse you.
Let us not put a blame to Munthalika!!
Its our collective responsibility to recover our ailling economy!!!
muluzi said amalawi vuto lathu ndi kuiwala. We marched against the brother of this figure, 2 years later we voted for the same blood what change did we expect? Zikhalire momwemu tikumana kothera ndimeku.
Zonsezi ndi chifukwa choti Walter adakali pa mpando ku FAM. Akanawina Wilkins wa National Bank sibwenzi Satanic Bank itasiya kuopa kuti National Bank ilowapo!
The combination of beauty, brains and good manners is unarguably formidable and desirable; but rarely found.
This notwithstanding, kabwenzi kakatalika ndikoongoka ndikuumbika bwino; mosapotokapotoka ngati nthiwatiwa zi iai.
I just hope that her brain and manners are just as good and straight as her looks. Alas! looks corrupt manners and manners betray both the brain and the looks.
This will be the trend as long as dpp is in power. And we will see some idiots still clapping hands for these failures. Shame!