Malawi: FDH Bank, Innobuild in K2 Billion Partnership

23 November 2020

Listed FDH Bank plc has entered into a massive K2 billion partnership with Innobuild Private Limited that will foster growth for Malawians by facilitating acquisition of land.

FDH Bank plc Head of Personal and Investment Banking Kawawa Msapato said as a homegrown institution that believes in growth, its partnership with Innobuild will support Malawians to acquire land through credit facilities worth K2 Billion to empower them to acquire land in Lilongwe.

"The partnership will enable a good number of Malawians to own land in a prime location in line with the bank's mission of facilitating and making growth possible."

"The offer is open to both FDH Bank plc and non-FDH Bank plc customers and interested customers are required to secure a land allocation with Innobuild who will then recommend them to the bank for a credit facility," said Msapato.

He said as a key player in the financial sector, listed on the Malawi Stock Exchange, and a partner in the development of the country, FDH Bank plc believes that supporting initiatives such as this will in the long term foster growth and economic empowerment.

Innobuild Private Limited Chief Executive Officer Billy Jonathan Chiwotha said they observed the land access challenges being faced by Malawians in prime locations hence the partnership with FDH Bank plc.

"Some of the challenges that Malawians are being faced is the access to the actual land as most of the prime land is already largely occupied by a few individuals thereby hindering other Malawians from access despite having financial ability to acquire it."

"There is also lack of financial ability to acquire the land bearing in mind of general levels of income of most Malawians and comparing with the prevailing prices of land in prime locations; most of them cannot afford to amass the needed upfront payments for such land hence denying them a chance to own land," said Chiwotha.

He said in light of the challenges, Innobuild solicited solutions that will make it easier for Malawians to own land in prime locations in our cities and approached FDH Bank plc to partner it in providing financial backing to Malawians to acquire land.

"Innobuild envisages that through this partnership with FDH Bank plc more Malawians will be able to own land," said Chiwotha.

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