Standard Bank earns Bank of the Year 2022-Malawi award from The Banker Magazine

Standard Bank Plc’s zeal and determination in driving the country’s economic growth — coupled with excellent delivery of financial services — has earned it the prestigious recognition Bank of the Year 2022–Malawi award by The Banker Magazine.
The Banker Magazine is one of the world’s trusted publications by Financial Times, that provides economic and financial intelligence for the global financial sector with objective and incisive business coverage and analysis.

Chief Executive Phillip Madinga
The Banker has been a trusted source of banking information since 1926, navigating its way through over 90 years of banking coverage with a reputation of accuracy, authority, and integrity.
Commenting on the award, Standard Bank Malawi Chief Executive, Phillip Madinga said the award highlights its commitment towards transforming the economic growth of Malawi.
“We feel greatly honoured that our services and impact have been appreciated globally,” said Madinga, who was also recognized as Best Customer Service Personality for 2022 by Chartered Institute of Customer Management (CICM) in June this year.
The award came alongside CICM’s recognizing Standard Bank Plc as the 1st Runner-up for Best Customer Service in the banking sector.
Standard Bank was also honoured with Best SMEs Initiative of the Year 2022 in October by the Institute of Marketing Malawi (IMM) for its Phuka Incubator Programme — the Bank’s initiative of uplifting entrepreneurship and small businesses in Malawi.
“Our focus continues to lean towards enhancing economic development of the country,” continues Madinga. “This is in line with our core purpose which is ‘Malawi is our Home, we Drive her Growth’.”
He added that the recognition highlights the effective working partnerships that the Bank is forging with customers, Government, and various stakeholders in the country.
“We dedicate this award to our valued customers for choosing to partner with us in their quest to grow Malawi. We believe the Bank drives development in various sectors of the economy through our customers and partners — impacting the energy, manufacturing, transport, import and export as well as the agriculture sector, to mention a few.”
The Chief Executive added that the award reflects the Malawi’s potential to set service standards globally, saying: “We believe this win amplifies Malawi’s potential on the global stage. Within our broader Standard Bank Group, Malawi is alongside South Africa in being recognized for this award.”
The Malawi Stock Exchange-listed bank has assured stakeholders of a continued quality financial services which is a pillar for business success.
“This is a great motivation to be put our customer first in responding to their needs and needs of the broader community. Our hope is to be more than a Bank, championing both our financial services and our social impact.”
In addition to this award, in April, Global Finance named Standard Bank Plc as Best Bank in Malawi 2022 during the announcement of its 29th Annual Best Bank Awards for 2022.
Last August, Standard Bank handed over two greenhouses to GGL Farm in Lumbadzi, Lilongwe in its contribution towards the country’s initiative towards the promotion of agricultural transformation that will improve the country’s economy.
The farm is managed by Inosselia and Greenbelt Authority, which also runs an agricultural training centre near Kamuzu International Airport where Standard Bank also donated furniture.
The investment, worth K23.5 million, is to ensure production of quality products from the greenhouses and ensure that they are able to supply to local shops and as well as international market.
In her remarks at the handover of the investment, Standard Bank Plc Board director, Margareth Chirwa said the training centre will be used for capacity building of smallholder farmers who wish to practice climate-smart agriculture.
Chirwa further said green-house farming would help smallholder farmers to expand their crop variety within a small growing area and extend their growing season because they will not rely on rain water — “as a result, hunger will be reduced through increased production and income for small holder farmers”.
The initiative is also expected to engage young people into modern farming methods that will eventually reduce food prices through increased supply on the local market.
The greenhouses, according to Inosselia managing director, Michael Gorelik, produce 50 tons of vegetable commodities a week — tomatoes and green pepper among others.
Greenbelt Authority and Inosselia have been producing vegetable commodities for at least two years which have been supplied to Malawi’s major supermarkets.

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