Standard Bank Chief Executive Officer, Phillip Madinga, has emphasized the need to strengthen partnerships and collaborations among business players, stressing that this is key in navigating the country’s economic challenges.
Madinga was speaking in Lilongwe on Thursday night during a cocktail the bank hosted to appreciate and reconnect with customers and explore possibilities for growth.
“Things are tough, and we recognize that things haven’t been easy. As Standard Bank, we make sure we work with our customers, we partner with them. Today is all about appreciation, but also about reconnecting, sharing challenges, and looking at possibilities,” he said hilariously.
Madinga acknowledged concerns about bank charges and interest rates, but emphasized the need to look at the totality of the customer value proposition.
He said Standard Bank will endeavor to work its customers to find sustainable solutions to the economic shocks Malawians are currently experiencing.
The CEO highlighted the bank’s willingness to listen to customers and address their concerns, citing examples of restructuring facilities, providing moratoriums, and reviewing bank charges.
“We need to look at the totality of what we need to be solving for, and that’s the feedback we’re getting from our customers,” he said.
Regarding the foreign currency shortage, Madinga emphasized that it’s a supply-side challenge requiring a collective effort to generate more foreign currency.
“As Standard Bank, we’re looking at ways to work with partners, the central bank, and government to explore areas that will generate foreign currency, whether it’s in agriculture, value addition, agro-processing, manufacturing, tourism, or mining,” he said.
Madinga urged Malawians to view the crisis as an opportunity to think creatively about generating foreign currency.
“We’re ready to support with loans and other products, so we can play our part in driving Malawi’s growth,” he said.
The event highlighted Standard Bank’s commitment to its customers and the country, focusing on partnership, possibilities, and collective growth.