FDH Bank plc has announced its intention to list on the Malawi Stock Exchange (MSE) in August this year making it the 16th company to be listed on the bourse.
Managing Director for FDH Bank plc , Dr Ellias Ngalande said in a statement on Monday that the listing, subject to MSE and Reserve Bank of Malawi (RBM) approval, is a defining moment in the growth of the Bank.
“The purpose of our listing is threefold: to raise capital to support the future growth of the Bank, to fulfill a contractual obligation with the Government of Malawi as part of the MSB acquisition, and to allow existing shareholders to dispose part of their shareholding in the Bank,” said Ngalande, a former central bank governor.
He said since opening its doors in 2008, FDH Bank’s mission has been to provide the best and most advanced banking solutions on the market, reaching and enriching the lives of its customers in every district in the country.
“FDH Bank is not only rooted in our community, but is also a champion of financial inclusion with a vision to transform the way Malawians live and interact as a community. At FDH Bank, we believe partnership builds better business and we strive to create innovative and modern ways to succeed.”
“With a solid vision and strong principles, we invite the people of Malawi to share in our growth and be part of our continued journey to success,” said Ngalande.
He hailed customers, staff members and the Malawian public for the tremendous support they have rendered to the Bank over the years saying their trust in the Bank has not only driven FDH Bank plc to deliver superior customer service, but has also been the catalyst for the evolution of the digital banking services in the country.
“As we plan ahead, we stand firm in our commitment to deliver our best, and to continue to pioneer new ways to deliver banking services that enable and support the growth of our customers, our communities, our future shareholders and our country. Our motto at FDH Bank is ‘Our Bank, Our Future, Grow With Us,’ so today on behalf of the FDH Bank Board of Directors and Management team, we invite all Malawians to join us and live out this promise,” said Ngalande.
FDH Bank is considered as the leading digital bank in the country with products that reach the unbanked like the Ufulu Digital Account, unique to FDH Bank, which is easy to open virtual account that is created remotely by a customer using a mobile phone and the account is created instantly and does not require paperwork nor attract monthly charges.
Another digital product which has put FDH Bank on the map is the FDH Mobile Wallet which allows account holders to send money directly to non-account holders’ phone numbers to create an e-wallet which has a standard mobile banking functionality.
The Bank also walks high in the digital world with the Cardless Withdrawal, a mobile banking feature that enables customers and non-account holders to withdraw cash from the ATM without using an ATM card and also the WhatsApp Banking, also unique to FDH Bank, a social banking service that offers access to a bank account and all mobile banking transactions through WhatsApp chat.
FDH Bank will be listing on the bourse with 51 branches and 92 ATMs countrywide, 1,771 Banking Agents countrywide mostly in rural areas.
The third largest bank in the country based on customer deposits, FDH Bank registered a total income of K34.3 billion in December 2019 and total assets of K188.7 billion and registered a profit after tax of K7.8 billion in December 2019 with return on equity of 35%.
FDH Bank spent K263 million in Corporate Social Responsibility (CSR) projects in 2019.Follow and Subscribe Nyasa TV :