Mpinganjira to open Thomson and Barbara Mpinganjira Foundation for helping needy causes

Business mogul Thom Mpinganjira, who  recently retired as  chief executive officer of FDH Financial Holdings Limited,  has announced plans to set up the Thomson and Barbara Foundation to help his vision of doing charity and assisting young entrepreneurs.

Mpinganjira established  one of Malawi’s fastest growing business empire –  FDH Bank, Discount House, FDH Money Bureau and FDH Financial Advisory Services, said the foundation will purely be philanthropy and also promote innovative ideas among the youth by providing start-up capital.

“We will be helping needy causes in areas such as health and education,” said  Mpinganjira  on Tuesday during his farewell event that FDH Bank plc organised in Blantyre.

Mpinganjira, a Chartered Accountant and Fellow of the Association of Chartered Certified Accountants (FCCA),  added: “ We also want to nurture talent. You might be aware that many young people want to start businesses but they can’t access funding.”

He said the foundation, which may start with between K250 million and K300 million, will have a board responsible for assessing projects.

Mpinganjira worked for different companies including Deloitte, Blantyre Print, Mandala and National Bank of Malawi (NBM) plc before setting uphis own business empire.

He was the first Malawian Stockbroker and was Chief Executive Officer of Stockbrokers Malawi Limited from 1997 to 2000.

He conceived First Discount House in 1999 while in full time employment at the Stockbrokers Malawi and Malawi Stock Exchange .

“History will remember me for leaving something that is solid. At the point of entry, we were bank number 12 but now we are bank number three in terms of market share,” Mpinganjira said.

He has handed over the mantle of  leadership at his financial services organisation FDH to his son William Mpinganjira., saying he is “more than confident” in his capabilities .

Offering lessons of establishing a business empire, Mpinganjira said: “Put God first-The Bible: The Best Success Manual. All wealth comes from God, whether people accept this reality or not. God gives us the power and means to create and the opportunity to manage it for Him. He requires a spiritual return on investment (SROI).”

In his remarks, William Mpinganjira said the financial services group still has much work to do in terms of consolidating some of the progress made thus far while eyeing regional markets in the near future.