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The NICO Group, which includes NBS Bank and ERIS Properties, in partnership with World Vision Malawi and the Department of Disaster Management Affairs (DoDMA), has commenced the distribution of emergency maize to vulnerable households in Machinga District, reaffirming the Group’s commitment to standing with Malawians and supporting national response efforts during this lean season. The NICO Group’s contribution forms part of the Group’s MK400 million pledge towards emergency food assistance, made to complement Government’s relief efforts and help protect households most at risk. Through the partnership with World Vision Malawi, the initiative will support 6500 households, benefiting 22,000 people across the Traditional Authorities of Chamba, Ngulumia, Nyumwanyumwa, and Liwonde. Each household will receive a 50kg bag of maize, providing timely relief and helping families maintain dignity and stability as they navigate the current season. Speaking during the distribution NICO Life Chief Operating Officer, Chimwemwe Kanyenda, said the support reflects the Group’s belief that business must be anchored in meaningful impact. “We have supported this initiative because we believe that business success must be measured not only by financial performance, but by the stability and wellbeing of the communities we serve. When families are under pressure, the most responsible response is to step forward, quickly, practically, and with empathy,” said Kanyenda. He added that the Group is prepared to assist Government and humanitarian bodies in ensuring that Malawians get the assistance that is needed. “We also recognize that emergencies demand partnership. When Government, humanitarian organisations and the private sector work together, the response becomes stronger and more accountable. Our hope is that this intervention does not only provide short-term relief, but also reinforces a culture of shared responsibility and resilience that Malawi needs, now and in the future.”, added Kanyenda. World Vision Malawi welcomed the collaboration, highlighting the importance of private sector leadership in strengthening community resilience. Charles Chimombo, World Vision Malawi Director of Operations, said the partnership will deliver immediate relief while reinforcing a broader culture of shared responsibility. “We commend the NICO Group for this timely and impactful support. Working together, we are reaching households that need help most, ensuring assistance is delivered with accountability and respect for community structures,” said Chimombo. “This is what effective collaboration looks like; mobilizing resources quickly to protect lives and wellbeing.” The NICO Group is Malawi’s leading diversified financial services group, with NICO Holdings Plc as the parent company. Its operating businesses include NICO Life Insurance Company Ltd, NICO General Insurance Company Ltd, NBS Bank Plc, NICO Pension Services Ltd, NICO Asset Managers Ltd, NICO Technologies Ltd, ERIS Properties Malawi Ltd, among others. The Group’s purpose is to protect livelihoods, enable growth, and build financial security for Malawians.

NICO Group has officially launched a new Call Centre supported by the technical expertise of its subsidiary NICO Technologies Ltd. This is a strategic initiative designed to enhance operational efficiency through cutting-edge technology and skilled expertise that will allow NICO Group to address customer inquiries more effectively. In her remarks, the Group Head of Marketing and Customer Experience, Ms. Taweni Gondwe Xaba highlighted NICO’s commitment to ensuring seamless customer experience for clients across all customer touch points. This strategic move aims to provide seamless, systemic assistance to clients across our group's diverse portfolio of financial services. The development aligns with the ONE NICO commitment to delivering exceptional customer experience and reinforces its market position. The relocation and launch of the new Call Centre demonstrates NICO Group’s commitment to investing in technology and infrastructure to drive business growth and improve customer satisfaction. Customers can contact the NICO Call Centre on 323, which is a toll-free number for assistance. The NICO Group comprises 12 subsidiaries: namely, NICO Holdings, NICO Life Insurance Company Ltd, NBS Bank Plc, NICO General Insurance Company Ltd, NICO Insurance Zambia, NICO Asset Managers Ltd, NICO Pension Services Ltd, Eris Properties Mw Ltd, NICO Capital Ltd, NICO Technologies Ltd, ICON Properties and Blantyre Hotels Limited.

The NICO Group has officially launched its 2025 Management Trainee Programme , a flagship leadership development initiative designed to build a strong, diverse, and future-ready leadership pipeline across the Group’s operating companies. The launch took place on 14 November 2025 at Ryalls Hotel , bringing together Group Executive Management, Chief Executive Officers, Heads of Departments, and the newly selected Management Trainees. The Management Trainee Programme forms a key part of the Group’s long-term talent strategy, focusing on proactive workforce planning, talent development, and succession management. Structured as a 24-month learning journey , the programme combines technical training, leadership development, professional certification support, job rotations, and targeted project assignments. Upon successful completion, trainees are placed into suitable roles within the Group. Where immediate placement is not possible, they join a readily available talent pool to support upcoming leadership and managerial needs across the Group. The 2025 intake attracted more than 3,000 applications , reflecting strong interest in the programme. From these, 101 candidates were shortlisted for psychometric and aptitude assessments, with 68 candidates progressing to face-to-face interviews. Following this rigorous process, 33 Management Trainees were selected. These trainees have been recruited in line with current and future talent requirements across the Group’s operating companies: 10 from NBS Bank, 5 from NICO General, 4 from NICO Life, 4 from NICO Asset Managers, 4 from NICO Holdings Functions, 2 from NICO Technologies, 2 from NICO Pension, 1 from ERIS Properties, and 1 from NICO Capital . In line with the Group’s strategic objective to achieve 50/50 gender representation at all leadership levels, the intake includes 15 women (45%) and 18 men (55%) . The programme also balances opportunities between internal and external candidates, with 7 internal employees selected into this cohort. The programme officially commenced on 3 November 2025 , with the month of November dedicated to induction and foundational training. These sessions cover leadership development, digital transformation, fintech and the evolution of financial services, ESG integration, effective people management, and project and change management. The induction phase is followed by structured departmental rotations within respective companies, enabling trainees to gain practical exposure to diverse business functions. Performance throughout the programme will be reviewed quarterly to support continuous development and alignment with leadership expectations. The NICO Group has also acknowledged the strong support of its Executive Committee and subsidiary Chief Executive Officers, who have actively engaged with the trainees through mentorship and knowledge-sharing sessions. These interactions are intended to equip trainees with practical insights and leadership perspectives that will shape their professional growth. Through this initiative, the Group continues to demonstrate its commitment to investing in people and building sustainable leadership capacity for the future.

NICO Life and NICO Pension have announced a combined sponsorship of MK15 million toward the 2025 Marcfarlane Mbewe National Science Quiz , a flagship programme under the Malawi Liverpool Trust’s Science for All (Sci4O) Initiative. This contribution positions the Group as Platinum Sponsors of the national event, reaffirming NICO’s commitment to advancing science education, youth empowerment, and national development. The sponsorship marks the beginning of a broader three-year partnership between NICO, MLWT and Science for All Foundation, designed to expand science outreach, promote innovation, and inspire young Malawians to pursue careers in health and scientific fields. The partnership is aligned with Malawi’s Vision 2063 ambitions of human capital development and technological advancement. Speaking during the announcement, Chimwemwe Kanyenda, Chief Operating Officer at NICO Life, emphasized the importance of supporting initiatives that build national capacity: “This partnership is more than a sponsorship it is an investment in the intellectual future of Malawi. The Sci4O platform allows us to reach young people at a formative stage, nurture their curiosity, and strengthen the pipeline of future scientists, healthcare professionals, and innovators. As NICO, we are proud to stand behind a programme that aligns so closely with our values and our corporate purpose.” The Marcfarlane Mbewe National Science Quiz reaches schools across Malawi, giving learners a platform to showcase knowledge, engage with scientific concepts, and build confidence through competitive learning. As part of the sponsorship, NICO will also deploy its staff to participate as mentors and judges while providing on-site financial literacy and product awareness support. Daniel Mumba, Programme Manager for at MLWT , welcomed NICO’s contribution, highlighting its catalytic role in strengthening the initiative’s national footprint: “The support from NICO Life and NICO Pension is timely, strategic, and deeply appreciated. Their commitment enhances our ability to expand science outreach to more schools, particularly in underserved areas. This collaboration strengthens our shared mission to make science accessible, exciting, and relevant for every learner in Malawi.” The partnership extends beyond the 2025 quiz, laying the foundation for the rollout of Science Ambassadors, rural school outreach, and the future establishment of the NICO Science Excellence Awards a national recognition platform for outstanding learners and educators. A Three-Year Vision for Impact (2025-2027) Across the next three years, NICO and MLWT and Science for All Foundation will collaborate on: Science outreach programmes in primary and secondary schools across Malawi Mentorship and engagement sessions led by NICO employees Digital and media visibility campaigns to promote science education Impact measurement and annual CSR reporting on student reach and learning outcomes Launch of the NICO Science Excellence Awards to celebrate excellence in STEM This commitment complements NICO’s long-standing focus on education, financial literacy, and community development.

NICO Group has reaffirmed its commitment to supporting vulnerable communities in Malawi by donating MK400 million to the Department of Disaster Management Affairs (DoDMA) through the Ministry of Finance. The donation will help address the severe hunger crisis affecting many districts across the country. Speaking during the handover ceremony, NICO Group Board Chairman emphasized that the contribution reflects the Group’s unwavering commitment to stand with Malawians during this critical period of food insecurity. The donation follows a call for support by His Excellency, the President of the Republic of Malawi, Professor Arthur Peter Mutharika, after declaring a State of Disaster. “Food scarcity is not just a humanitarian issue; it is a developmental impediment. When families struggle to put food on the table, education is disrupted, health outcomes worsen, and productivity declines,” said the Chairman. The MK400 million donation, mobilized from NICO Group subsidiaries, will be implemented in partnership with World Vision Malawi, ensuring that maize distribution reaches communities identified by DoDMA. NICO Group commended the Government of Malawi for its leadership in coordinating disaster response efforts and creating an enabling environment for private sector participation. The Group also reaffirmed its commitment to collaborating with the government, development partners, and communities to build a resilient Malawi that can withstand future shocks and achieve the aspirations outlined in Malawi 2063. The Group further commends its colleagues in the private sector who have already come forward with substantial support and appeals to more institutions to respond to the plight of vulnerable Malawians. “Let this moment serve not only as a response to the crisis but as a symbol of unity, shared purpose, and the power of collaboration,” the Chairman concluded. Management

NICO Group is pleased to announce the appointment of Taweni Gondwe Xaba as Group Head of Marketing and Customer Experience, effective 1 October 2025. Taweni is a seasoned marketing and communications executive with 30 years of leadership experience across Africa working with global brands under Associated Media Publishing/Hearst, Viacom, Unilever and Mr Price Group, among others. She brings a proven track record of driving strategic growth, brand transformation, reputation management and customer engagement, across the media, advertising, and development sectors. Taweni has held leadership roles at The Hardy Boys (VML/WPP), The Durban Chamber of Commerce and Industry, Viacom, Associated Media Publishing, Nation Publications Limited and Interactive Africa. Her work has earned awards from the World Women Leadership Congress, Women in Marketing, and Toastmasters International, among others. A passionate advocate for women’s empowerment, she was launch editor of the global award winning Design Indaba Magazine, driving thought leadership in brand design and experience, as well as the launch editor of O, The Oprah Magazine and The Deal Magazine, and presenter of The Power Within on SABC3. Taweni holds a BA in Humanities from the National University of Lesotho, a Postgraduate Diploma in Advertising from the AAA School of Advertising in Cape Town, and a Postgraduate Certificate in Line Production from the Hollywood Film Institute (USA). She serves on several international advisory boards. We welcome Taweni to the NICO Group Leadership Team. Her global perspective and deep expertise in brand building, communication, and customer experience will be instrumental in positioning marketing and communications as strategic drivers of growth across the Group.

The NICO Group recently hosted the Staff Excellence Awards for the first quarter of 2025, a prestigious event to honour the exceptional contributions of staff members across all subsidiaries. These awards recognize the individuals and teams who have gone above and beyond in their work. Staff were rewarded in the following categories: Service Excellence, Teamwork & Collaboration, Innovation, Sales Excellence, Customer Excellence, and Managing Risk. This celebration brought together winners from across the Group. From innovative problem-solvers and high-achieving sales teams to those delivering exceptional customer care and safeguarding operations, each winner’s work reflects the culture of excellence that drives the Group forward. The event closed on a high note, leaving everyone with a renewed sense of motivation and pride in being part of an organisation that truly values and celebrates its people. Now, it's time to keep the momentum going, get ready for the Q2 Staff Excellence Awards! Find below our Winners: Q1 2025 Winners by Subsidiary Subsidiary Name Position Category NICO HOLDINGS Don Chauta 1 Service Excellence Njoole Kauta 1 Teamwork & Collaboration NBS BANK Alinafe Phiri-Chitenje 1 Innovation Kelvin Chatuwa 2 Innovation Success Dzineso 1 Service Excellence Zikhale Ng'oma 2 Service Excellence Herbert Malunda 3 Service Excellence Robert Mtemachani 1 Sales Excellence Constance Munthali 2 Sales Excellence Peter Kaitsire 3 Sales Excellence Transizio Limani 1 Teamwork/Collaboration Reconciliation Team led by Limbani Mikwamba 1 Prevention of an Operational Loss/Managing Risk NICO PENSION Trevor Sikaloka 1 Innovation Ndhlovu Evelyn 1 Service Excellence Manase Lemons 2 Service Excellence Ian Kapyanga 1 Sales Excellence Joseph Namilonje 1 Teamwork and Collaboration Mfune Austin 1 Managing Risk NICO ASSET MANAGERS Lusako Mwanjiwiri 1 Innovation Lackson Thawale 1 Service Excellence Mirriam Mbewe 1 Sales Excellence Gloria Bwaila 1 Teamwork & Collaboration Daniel Ngámbi 1 Managing Risk NICO GENERAL INSURANCE Isaac Geyageya 1 Service Excellence Samantha Chimbayo 1 Service Excellence Upile Malenga 1 Teamwork and Collaboration Cyrus Zgambo 1 Managing Risk NICO TECHNOLOGIES Imelda Sabuni 1 Innovation Anzathu Pindani 2 Innovation Chinsisi Kayenda 1 Customer Excellence Chiweme Msiska 2 Customer Excellence Ferriard Lupiya 1 Sales Excellence Ernest Mvutho 1 Teamwork and Collaboration Noel Kadammanja 2 Teamwork and Collaboration Jimmy Mabedi 1 Managing Risk NICO CAPITAL Karen Patridge 1 Teamwork and Collaboration Mayamiko Mbendera 1 Risk Management ERIS PROPERTIES Wellington Chilambula 1 Innovation Shadreck Sewera 1 Sales Excellence Ireen Kanduku 1 Teamwork & Collaboration Ruth Issa 1 Managing Risk NICO LIFE Fidelis Nyirenda 1 Innovation Agnes Dongolosi 1 Service Excellence Nambine Nsewa 2 Service Excellence Vanessa Chitani 3 Service Excellence Mirriam Soole 1 Sales Excellence Eurita Somanje 2 Sales Excellence Gloria Nyirenda 1 Teamwork/Collaboration Priscilla Phiri 2 Teamwork/Collaboration Louis Sikwese 1 Prevention of an Operational Loss/Managing Risk Ted Misomali 2 Prevention of an Operational Loss/Managing Risk Congratulations to all. View the gallery here: Staff Excellence Awards - NICO Holdings Plc

NICO Group, which includes NBS Bank and ERIS Properties, has reaffirmed its commitment to promoting accountability and sustainable organizational growth by sponsoring the 2025 Internal Auditors Annual Conference and Governance Forum with K7.5 million. Organized by the Institute of Internal Auditors Malawi (IIAM), the highly anticipated conference will be held from 7th to 10th August 2025 at Sun 'n' Sand Holiday Resort, preceded by the Governance Forum at Sunbird Nkopola Lodge from 4th to 7th August 2025, both in Mangochi. The event, themed “Governance and Internal Audit: Building Sustainable Solutions for Organizational Development,” aims to convene thought leaders and professionals from the fields of internal audit, governance, risk, and compliance. Representing the Group, NICO Holdings Plc Corporate Affairs Manager, Mbumba Mlia-Ndasauka, underscored the company’s continued investment in strengthening professional excellence in Malawi. “NICO Group is proud to support initiatives that enhance good governance and professional development in Malawi. We believe that platforms like the IIA Conference are essential for building resilient organisations, and we are pleased to be part of this important conversation”, Mlia-Ndasauka said. In acknowledging the sponsorship, CEO of the Institute of Internal Auditors Malawi, Albert Dambula, expressed deep appreciation. “We sincerely appreciate NICO Holdings Plc for their generous support of K7.5 million towards our upcoming conference. Their support demonstrates a strong commitment to advancing governance and internal audit as pillars of sustainable organizational development”, Dambula said. The conference is expected to attract hundreds of participants, offering a valuable platform for networking, dialogue, and thought leadership that contributes meaningfully to Malawi’s development agenda.

The NICO Group, which includes NBS Bank and ERIS Properties, has sponsored the second edition of the Investment School for Creative Arts, taking place from 17-18 July 2025, at Sunbird Nkopola Lodge in Mangochi with K65 million. The session is held in partnership with The Copyright Fund, which aims to support the economic empowerment of creatives by ensuring they are equipped with both legal and financial knowledge to protect and grow the value of their intellectual property. Following the success of the inaugural edition in 2024, this year’s programme will bring together a dynamic group of 50 Malawian creatives: including musicians, filmmakers, designers, and digital content creators: for two days of learning, networking, and empowerment. The initiative is designed to equip participants with the financial literacy, investment skills, and business acumen they need to sustainably grow their brands and careers. Through various interactive sessions, creative professionals will gain practical insights on budgeting, saving, entrepreneurship, and long-term investing, delivered by financial experts from NICO Group. NICO Holdings Corporate Affairs Manager, Mbumba Mlia-Ndasauka, expressed that the Group values supporting these creatives as they play a major role in the success of brands across the country. “We believe in supporting all sectors of the economy, and the creative industry is full of untapped potential. This initiative is our way of investing in the future of Malawi’s creative talent and helping them turn their art into lasting impact,” Mlia-Ndasauka said. The Investment School for Creative Arts falls under the One NICO Xpression initiative, which aims to promote arts and culture in Malawi, while also empowering creatives with the tools they need to thrive in a competitive environment. It forms part of NICO’s broader commitment to financial inclusion and empowerment, particularly among youth and underrepresented sector

The NICO Group, which includes NBS Bank and ERIS Properties, is pleased to announce the sponsorship of Georgia Chirombo, a journalist from MIJ FM, to attend the prestigious Sanlam Summer School for Financial Journalists 2025, taking place in Johannesburg, South Africa. The annual training programme brings together budding financial journalists from across the continent for a week of intensive learning, skill enhancement, and networking. This year’s theme will discuss the significance of the G20 and the B20 and the role South Africa, in concert with the African Union, can fulfil to make a lasting impact for the Global South and the world economy. Speaking during the handover ceremony, NICO Group Head of Marketing and Customer Experience, Lorraine Mlenga, emphasised the Group’s ongoing commitment to media development and financial literacy. “We are proud to support Georgia Chirombo’s participation in this important training programme. Her dedication to covering business and financial stories makes her an excellent choice for this opportunity. At NICO, we value our partnership with the media and recognise its critical role in informing the public and shaping financial understanding”, Mlenga said. Georgia Chirombo is the 12th journalist to be nominated and fully sponsored by NICO Group to attend the Sanlam Summer School. Her selection follows a track record of insightful business reporting and a growing profile in Malawi’s media landscape. Georgia Chirombo expressed gratitude, adding that this is a great opportunity for her to grow in the field. “I am honored and excited to represent Malawi and MIJ FM at the Sanlam Summer School. This opportunity means a lot to me professionally, and I look forward to learning from fellow journalists and experts from across Africa”, Chirombo said. All costs associated with her participation: including travel, accommodation, and allowances: have been covered by NICO Group and Sanlam, as part of their joint commitment to supporting journalism excellence in Africa. The Sanlam Summer School continues to be a key platform for developing the skills and knowledge of financial journalists across the continent. NICO Group remains dedicated to supporting this initiative as part of its broader media engagement and development strategy. Additional Facts of Training • This programme has been run by Sanlam since 2013, while NICO started sending local journalists in 2014. It is a week-long training scheduled from 25 May 2025 to 31 May 2025. • The training will be hosted at Pecan Manor in Hartbeespoort, outside Johannesburg. • To date, NICO has sent 11 candidates; the one going this year is the 12th. • Georgia is the fourth female journalist to attend, following the first female in 2014, the second in 2023 and the third in 2024.

NICO General and NICO Life have jointly introduced Mzati Motor Insurance, a first of its kind enhancement that seamlessly combines motor insurance with funeral cover, ensuring policyholders and their families receive financial support during life’s unexpected moments. This enhancement on motor policies is available across Yafewa Third Party, Standard Third Party, and Comprehensive motor insurance policies, offering quick 24-hour payouts and affordable premiums, reinforcing NICO’s commitment to customer-centric innovation and value-driven products. Speaking on the launch, Donbell Mandala, CEO of NICO General, emphasized the company’s focus on providing meaningful protection to customers beyond just vehicle coverage: "Insurance should be more than just a mandatory requirement; it should provide real peace of mind. Mzati is our way of ensuring that, in addition to protecting vehicles, we also safeguard our customers and their families in times of need. We have developed this add-on based on our internal insights and prevailing trends, ensuring it provides practical and much needed financial relief.” Echoing this sentiment, Wise Chigudu, CEO of NICO Life, highlighted the importance of ensuring financial security beyond traditional insurance offerings: “At NICO Life, we understand that true financial security goes beyond just accumulating wealth, it’s about ensuring that families are protected from unforeseen events. Mzati is a testament to our commitment to providing holistic solutions that genuinely impact lives.” Customers can easily opt for the Mzati Motor Insurance Add-On when purchasing or renewing their motor insurance, with payouts reaching up to MWK 1.2 million for comprehensive cover holders. About NICO Group NICO General and NICO Life are subsidiaries of the NICO Group, Malawi’s leading financial services provider, dedicated to offering reliable and innovative insurance solutions. Through continuous product development and customer engagement, NICO remains at the forefront of providing financial protection and security for all Malawians

NICO Life Malawi has emerged as the winner of the prestigious Sanlam Allianz Champions League Internal Sales Campaign, a highly competitive initiative designed to drive exceptional sales performance across the African markets in which Sanlam Allianz is present The competition, designed to inspire and mobilize teams towards a high-performance sales culture, saw teams from across Sanlam Allianz’s global network vying for the ultimate prize; an all expenses paid trip to the UEFA Champions League Final in Berlin. Through unwavering commitment, strategic execution, and a results-driven approach, NICO Life Malawi outperformed its peers, securing the top spot in this continent-wide challenge. Speaking at the Sanlam Allianz CEOs Conference in Cape Town, where he received the award on behalf of NICO Life, CEO Wise Chigudu expressed his pride in the team’s achievement. "This victory is a testament to the dedication, resilience, and expertise of our team. It reflects our commitment to excellence, not just in competition, but in delivering financial solutions that secure the future of Malawians. Winning against strong competition from across Africa reaffirms NICO Life's position as a market leader and a trusted financial partner." This is not the first time NICO Life has emerged victorious in this highly competitive campaign. The company previously won in 2021, which saw staff members flown out to attend the 2022 FIFA World Cup Finals in Qatar in recognition of their outstanding performance. The Sanlam Allianz Champions League competition was launched to build internal brand affinity, ignite a sales-driven culture, and inspire teams to achieve remarkable growth. NICO Life Malawi’s win solidifies its reputation as a market leader in the life insurance sector. “As NICO Life continues to push boundaries and redefine industry standards, this victory is a symbol of what teamwork, dedication, and an unwavering pursuit of excellence can achieve’ said Chigudu.

Nottingham, 2nd February 2025: The Malawi Queens have secured a historic victory at the Vitality Netball Nations Cup, defeating Uganda’s She Cranes 59-45. This remarkable win marks the first triumph over Uganda in five years, a testament to the resilience, determination, and growth of the Queens. Speaking on this monumental achievement, Lorraine Mlenga, Head of Marketing and Customer Experience at NICO Group, expressed immense pride in the team’s performance. “This victory is not just a win on the court. It is a symbol of perseverance and growth. At NICO, we are proud to stand alongside the Malawi Queens, not as mere sponsors, but as committed partners in their journey. We have invested in the long-term growth and development of Malawian netball in the same way we work with our customers to set their financial goals and walk with them every step of the way. This win is proof that dedication and the right support can turn aspirations into achievements.” Mlenga further stated that NICO Group is working closely with the Netball Association of Malawi (NAM) to rebuild and strengthen the sport. “Just as we empower our customers to achieve financial success, we remain committed to empowering Malawi netball, ensuring sustained growth and excellence in the sport”. Vitumbiko Gubuduza, President of NAM, acknowledged the importance of this partnership: “Our collaboration with NICO goes beyond sponsorship; it is about shared vision and belief in the future of netball in Malawi. This win against Uganda is just the beginning, and with continued investment and support, we are confident that the Queens will keep rising to new heights.” Malawi Queens’ Head Coach, Mary Waya, echoed this sentiment, emphasizing the team’s hard work and the crucial role played by stakeholders in their success. “The win against Uganda, after a long period, is a product of dedication, strategy, and teamwork. The players have given their all, and we are grateful for the support from our partners, NICO Group, who continue to believe in us. We now set our sights on South Africa, knowing that we have the nation and strong partners backing us.” NICO Group is the official sponsor of the Queens under the One NICO GamePLAN initiative, which supports the development of sports at both community and national levels. The PLAN is for the Queens to reclaim their position in the top 5 in world netball within the three-year sponsorship deal. NICO Group has invested a total of K1 billion into netball for the Queens and the One NICO Top 12 National Cup, which will also include scouting for new talent. As the Malawi Queens prepare to face South Africa’s Spar Proteas on the 8th of February, NICO Group stands firmly behind the team, rooting for another outstanding performance.

NICO Pension is thrilled to announce the launch of its groundbreaking Programmed Withdrawal product, designed to provide flexible and sustainable retirement income solution. This innovative offering represents the first in a series of product launches planned by NICO Pension for 2025. The Programmed Withdrawal product offers an alternative retirement option which comes with control, flexibility, and sustainability to meet the needs of retirees. Unlike traditional solutions, this product empowers clients to retain ownership and decision-making over their retirement funds while benefiting from professional fund management. It ensures a strategic balance between sustainable income and long-term financial security, making it an ideal choice for those who value actively shaping their financial future. NICO Pension CEO Gerald Chima emphasized the significance of this milestone, “this launch marks a new chapter in our mission to provide innovative, client-focused pension solutions. The Programmed Withdrawal product empowers our clients to take charge of their financial futures, ensuring their retirement funds work for them. It also highlights NICO Pension dedication to delivering industry-leading innovations in 2025 and beyond.” “NICO Pension understands the intricacies of retirement planning and is committed to delivering products that cater to diverse client needs. The Programmed Withdrawal product is an excellent choice for those who value control and sustainability in managing their retirement income,’ said Chima. The product allows members who retire after withdrawing up to fifty percent of their pension benefits as a lumpsum, to withdrawal the balance over a predetermined period or for life in line with their circumstances and preferences. NICO Pension is a leading provider of retirement solutions in Malawi, dedicated to enhancing financial security and independence for individuals and organisations. With a proven track record of innovation and customer-centric service, NICO Pension continues to redefine the pension landscape.

NBS Bank Chief Executive, Dr. Kwanele Ngwenya was the Guest of Honour at the 2024 ICAM Lakeshore Conference. This is the speech he delivered: It is an honour and a privilege to stand before you today as the guest of honour at this prestigious 2024 ICAM Annual Lakeshore Conference. I extend my heartfelt gratitude to the Institute of Chartered Accountants in Malawi for organizing this significant event and for inviting me to share my thoughts on this year's theme, "Navigating Economic Uncertainties: Strategies for Growth and Resilience." This conference brings together some of the finest minds in the financial, business, private, public, NGO, sectors etc. , and it is truly inspiring to be amongst you. As we gather today, I am reminded of the immense responsibility we hold as leaders and professionals, especially in these uncertain times. Albert Einstein once said… "In the midst of every crisis, lies great opportunity." Our gathering today occurs at a critical juncture in Malawi's journey towards economic recovery and sustainable growth. The theme of this conference resonates deeply with the current global and national economic landscape. As we face unprecedented economic challenges, it is imperative that we strategize effectively to ensure growth and resilience. As a professional with extensive experience in the banking industry, I have witnessed first-hand how economic fluctuations and uncertainties can challenge business’, organisation’s and institution’s growth and stability. Malawi, like many other nations, is navigating a complex economic environment shaped by a variety of factors, both domestic and global. From the lingering effects of the COVID-19 pandemic to geopolitical tensions, climate change, and supply chain disruptions, our landscape is fraught with challenges. The global financial system is in flux, inflationary pressures persist, and there are growing concerns over food security and energy sustainability. As we reflect on our journey thus far, marked by both challenges and successes, it is evident that navigating economic uncertainties demands astute strategies and unwavering resilience. Our nation stands at a pivotal juncture where fiscal policies, robust risk management frameworks, sound and innovative approaches are imperative for sustainable growth and development. William Arthur Ward once said,” The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails." As such, our economy needs a steadfast approach to the dedication of fostering an environment conducive to economic prosperity. As a nation and professionals, we need to be committed to promoting inclusive growth, enhancing financial literacy, and supporting the emergence of a dynamic public and private sector. As professionals, our efforts should be anchored in principles of transparency, accountability, and the prudent management of resources. Further, in the midst of challenging times, we need not only to confront only domestic challenges but also global shifts that necessitate agility and foresight in our economic policies. From the impact of technological advancements to the imperatives of environmental sustainability, our strategies must embrace these dynamics to harness opportunities and mitigate risks effectively. Furthermore, the theme of this conference underscores the importance of collaborative efforts among stakeholders: government, academia, private sector, industry leaders, and civil society. Together, we can leverage our collective expertise to drive innovation, foster entrepreneurship, and create an enabling environment where every Malawian can thrive. Both the public and private sectors appreciate that ICAM, with its membership of highly qualified professionals, plays a vital role in this endeavor . Your expertise in financial management and accounting is essential for ensuring the efficient and transparent use of resources, both public and private. This year's theme also aligns with national priorities, such as the Malawi 2063 Vision, which aims to transform Malawi into a wealthy and self-reliant industrialized upper-middle-income country. Your contributions to policy discussions, fiscal discipline, and good governance will be pivotal in ensuring that we meet these ambitious goals. For Malawi, in 2024 and 2025, economic prospects remain optimistic as the economy is expected to grow by 3.2 per cent and 4.8 per cent, respectively. The projected superior performance is attributed to anticipated high growth in construction, manufacturing, information and communication, and accommodation and food services as such, I call upon ICAM members to champion this drive to ensure the projects by the government, private sector and our donor partners contribute towards achieving the expected growth estimates. Here are some key areas I believe deserve your focused attention: Promoting fiscal discipline and responsible financial management. This will ensure efficient utilization of public resources and create a stable macroeconomic environment. Enhancing domestic resource mobilization. We need to explore ways to increase tax revenue and attract foreign direct investment while creating a conducive business environment. Investing in key sectors such as agriculture, infrastructure, and manufacturing. These sectors hold immense potential for job creation and economic diversification. Promoting financial inclusion. Expanding access to financial services will empower Malawians, particularly those in rural communities, to participate more actively in the economy. Harnessing the power of technology. Technology can revolutionize service delivery, improve transparency, and drive innovation across all sectors. To uplift our economy from the bad patch, we need to commit to working whether be it… in the private sector, public sector, civil society etc., so we navigate through these economic uncertainties. We are confident that, through open dialogue and collaborative effort, we can build a more resilient and prosperous Malawi. Let us remind ourselves that resilience is not just about survival: it is about thriving in the face of adversity. We must continue to build a future where economic uncertainties are met with preparedness, where risks are mitigated through foresight, and where opportunities are seized through strategic thinking and collaboration. I am confident that the insights that will be shared during this conference will inspire actionable solutions for navigating the challenges ahead and driving Malawi’s growth and resilience. Together, we have the power to shape a brighter economic future for our nation. God bless Malawi! Zikomo Kwambiri.

In terms of the listing requirements of the Malawi Stock Exchange Limited, a listed company is required to publish a Trading Statement as soon as there is a reasonable degree of certainty that the financial results for the period to be reported upon next will vary by at least 20% from that of the previous corresponding period. NICO Holdings plc informed the public in its trading statement published on 29 December 2023 that its consolidated profit after tax for the year ended 31st December 2023 was expected to fall in the range of MK61 billion to MK66 billion representing an increase of between 61% and 74% on the profit after tax of MK38 billion reported in the previous corresponding period. In addition, the consolidated profit after tax attributable to owners of the parent company (NICO Holdings plc) was expected to fall in the range of MK32 billion to MK34 billion representing an increase of between 60% and 70% on the profit after tax of MK20 billion reported in the previous corresponding period. NICO Holdings plc now advises that after further review, its consolidated profit after tax for the year ended 31st December 2023 is expected to fall in the range of MK58 billion to MK60 billion representing an increase of between 53% and 58% on the profit after tax of MK38 billion reported in the previous corresponding period. In addition, the consolidated profit after tax attributable to owners of the parent company (NICO Holdings plc) is now expected to fall in the range of MK30 billion to MK32 billion representing an increase of between 50% and 60% on the profit after tax of MK20 billion reported in the previous corresponding period. The information on which the above trading statement is based has not been reviewed or reported on by NICO Holdings plc external auditors nor has it been reviewed by the statutory actuary. Angela Kandani Company Secretary 17 April 2024

NICO Group, which includes NBS Bank and ERIS Properties, has sponsored the 2023 ZBS Annual Best Girls Awards with MK5 million. The annual event aims at recognizing and empowering girls who have performed exceptionally in the Malawi School Certificate of Education (MSCE) examinations. NICO Group Corporate Affairs, Manager Mbumba Mlia-Ndasauka, said the Group believes that supporting such initiatives will encourage girls to excel in their education and achieve their goals. “As a company, we are committed to supporting initiatives that contribute to improving a girl child’s life. We believe this sponsorship will have a lasting impact on the girls who will be recognized for outstanding achievement in MSCE and will inspire others,” Mlia-Ndasauka said. She added that the sponsorship has tied in well with the organisation’s Women’s month initiatives. “We have a number of initiatives that we are running during this month to appreciate women. These girls are tomorrow’s leading women, and we would like to appreciate them at this early age to motivate them further and to inspire others,” she added. Zodiak Broadcasting Station Controller of Commercial Affairs Emmanuel Maliro, thanked the NICO Group for the sponsorship, adding that it reflects their understanding of the pivotal role that women play in the society. “Our collaboration with NICO Group underscores a shared commitment to advancing women's empowerment in education, in line with their dedication to initiatives shaping our nation's future. We encourage other businesses to follow NICO Group's lead and join us in backing initiatives that uplift and include women in education, fostering a positive impact on our society,” Maliro said. This year’s event will be held at St Mary’s Secondary School where 9 girls who scored between 9 and 10 points will be recognized and awarded.

The Board of Directors of NICO Life Insurance Company Limited wishes to announce the retirement of Mr Eric Chapola and the appointment of Mr Wise Chigudu as Chief Executive Officer(CEO). Mr Chapola retired on 31st December 2023, having played an integral part in the success of the NICO Group over a period of 20 years. He joined the Group in 2004 as CEO of NICO Uganda before moving back to Malawi in 2009 to take up the position of CEO at NICO General Insurance Company. He has served as Chief Executive Officer of NICO Life from 2017 till his retirement. He also served as a director on several NICO Group Boards. The NICO Group wishes Eric well on his well-deserved retirement. In preparation for Eric’s retirement, Mr Wise Chigudu joined NICO Life in 2023 as CEO Designate. Mr. Chigudu is an accomplished leader with a proven track record in the insurance and reinsurance sectors. He brings with him innovative expertise and extensive experience, with a specific focus in building pricing and asset-liability models for large multinational insurance groups. His leadership extends across all insurance sectors, including life, health, non-life, broking, and intermediary services. As a qualified actuary and a Fellow of the Institute of Actuaries (UK), Mr. Chigudu has a robust background in actuarial work, covering corporate finance, pricing, reserving, capital modeling, investments, and risk management. He holds a Bachelor of Commerce degree (Economics and Statistics) from the University of Cape Town and a Master of Business Administration degree from the University of Oxford. We welcome Wise to NICO Life Insurance Company, and the NICO Group and look forward to leveraging his expertise to continue to provide exceptional value to our clients.

NICO Group organized the highly anticipated ONE NICO Golf Invitational tournament, held at the Nchalo Golf Club on 19th August 2023. Local renowned golfers, Roza Mbilizi and Vincent Mphande, took part and reiterated the importance of discipline in the game of golf. Mbilizi emerged as the winner in the women's category, amassing an impressive 37 points, while Mphande claimed victory in the men's category with an outstanding 38 points. Speaking about the event, Mbilizi expressed her delight at winning and emphasized the need to encourage young people to take up the sport. Mbilizi said, "The future of golf in our country lies with the young generation, so it is our responsibility as senior golfers to inspire and motivate them to be interested in golf. There are ample opportunities for youths to join the sport, and it's essential that we support and encourage them. Golf teaches discipline, etiquette, and provides a platform for building relationships." On his part, Vincent Chimbelenga extended his gratitude to NICO Group for organizing the tournament and spoke about the value of patience and networking in the game. As a loyal customer who does business with NBS Bank, NICO Life, and NICO General, he expressed his motivation and appreciation for the event. The Managing Director of NICO Group, Vizenge Kumwenda, highlighted the purpose of the tournament, which was to foster interaction between the Group and its customers. “As a group we strive to ensure that we create relevant and meaningful platforms to engage with our key clients. Having enjoyed considerable success as a Group over the past year, it is crucial that we celebrate those who have been instrumental in our achievements. These achievements further reinforce NICO Group's position as a leading financial services provider in the region.” Additionally, NICO Group donated K500,000 to the Nchalo Golf Club for the maintenance of their golf course. The captain of Nchalo Golf Club, John Mphande, expressed his gratitude for the timely donation.

The NICO Group, which includes NBS Bank and Eris Properties, is excited to announce the launch of the Yendani Ndi NICO promotion, an exciting proposition that gives individuals living within Blantyre the chance to win their share of MK4.5million in cash prizes. Speaking during the launch of the promotion, NICO Holdings Marketing Manager, Brian Mungomo Jr said the company will dish out prizes to customers who will be invited to participate in a quiz where they will be asked a series of NICO products related questions. “As one way of engaging with and giving back to our customers we are encouraging them to participate in an exciting opportunity, to interface with us and win various cash prizes. Running under the theme Yendani Ndi NICO, the intention of the campaign is to create awareness of the NICO Group’s innovative financial solutions. We will invite our current and potential customers to take a short trip with us around Blantyre, while we test their product knowledge." he said. Mungomo said that the promotion seeks to enlighten audiences of the vast catalogue of products and services within the NICO Group. “As the leading financial services institution in Malawi we are compelled to ensure that we empower consumers to make informed financial decisions by encouraging them to learn more about our products. We have significantly improved brand engagement and relevance within the retail market. However, in interacting with our customers, a light has been shone on the pervasive gap in financial literacy. As such, this promotion seeks to empower consumers to be better educated of the numerous solutions that the Group has within its catalogue that could enable them to make more informed financial decisions.” A total of 15 customers will stand a chance of winning MK300,000 on the spot, by answering a set of product related questions while being driven around in the game show themed NICO branded van. To register, customers will have to send an SMS to 0991 323 323 with their name and location. The first edition of the promotion is open to individuals living within Blantyre. Please refer to the Terms and Conditions for this competition here .

NICO Group, through NBS Bank and NICO Asset Managers, has refurbished the Mkungudza Girls Hostel at Lilongwe University of Agriculture and Natural Resources (LUANAR). The project was embarked on with the aim of upgrading students' accommodation as a way of improving education standards in the country. The renovated and refurbished girls' hostel, which was earlier in dilapidated condition, now wears a new look with all the required amenities like good lighting and plumbing system and also fresh showers and modern toilets. NICO Group Managing Director, Vizenge Kumwenda, said the Group believes that students need to learn, study and sleep in a conducive environment. " Education is the foundation that people base their dreams and aspirations. A conducive environment for learning contributes to a better education and that is why we are here today. The refurbishment of this hostel is a result of the strategy session we had in May 2022 as we made a commitment to strengthen the relationship between LUANAR and NICO Group. We have also ensured the highest standards, with modern amenities," he said. He urged the students and other college management to protect and maintain the building infrastructure with a sense of ownership. NICO Group also installed two 5000-liter water reservoirs to ensure uninterrupted water supply. LUANAR Chairman of Council, Professor Zachary Kasomera, commended NICO Group for its unwavering support towards improving the education sector in Malawi. "We are grateful for the tremendous efforts to make sure that LUANAR is a world-class recognized university. This hostel, like most others here, was built 40 years ago and was dilapidated. Such initiatives also encourage social values among the society to take up and give back to society,” he said. LUANAR Vice Chancellor, Emmanuel Kaunda, said accommodation is one of the biggest concerns for student and their families, and that the renovation was timely. "It is with Immense gratitude and a sense of pride that we are receiving this renovated and refurbished girls' hostel. Mkunguza Hostel holds a special place of significance in the history of our institution. By refurbishing this hostel, NICO Group has managed to create a stable foundation upon which the girl child may build her career. This hostel now offers a modern, safe, and comfortable residence for students," he said. ERIS Properties, a member of the NICO Group, provided technical support to the renovations of the hostel. The Group remains committed to contributing to initiatives that develop Malawi.

NICO Group, through Eris Properties, has handed over gazebos to the Netball Association of Malawi (NAM), through the Blantyre District Netball Committee. This is the second donation towards the netball fraternity during this season. Eris Properties donated MK2 million to the Netball Association of Malawi (NAM) in April, to assist with their ongoing preparations for the 2023 Netball World Cup. The gazebos, costing MK1.6 million are to be used for shade for netball officials who play various roles during the matches such as keeping scores, first aid boxes, and umpiring. Speaking on behalf of the Group, during the handover of the gazebos, ERIS Properties Chief Executive Officer, Ellen Chapinduka-Nyasulu, said the group has the sport at heart. “Netball has proven to be a successful sport, but sometimes is not fully supported. We believe that these gazebos will go a long way in assisting the netball officials to execute their duties comfortably”, Chapinduka-Nyasulu said. She added that this is not the first time the group is supporting the game of Netball and will not be the last. “In April, ERIS Properties and ICON Properties sponsored the Netball Association of Malawi with funding to support their preparations for the 2023 Netball World. This is to show our dedication towards the development of the sport”, she added. Blantyre District Netball Committee Chairperson, Vitumbiko Gubuduza, expressed gratitude for the donation. “As Blantyre District Netball Committee, we are very grateful to NICO for their assistance when we called on them. We have needed gazebos during our league games and when we asked NICO, they immediately said yes. We are excited about this donation, especially considering that they also supported the Malawi Queens during their camping in the month. We are humbled by their responsiveness and support to our Committee and the Netball sport in general”, Gubuduza said. NICO Group remains committed to contributing to the growth of various sports activities in the country.

NICO Technologies, a leading provider of IT solutions in Malawi, recently hosted a business breakfast titled “Unlocking the Power of CIOs with Microsoft 365”. The event aimed at showcasing the benefits of Microsoft 365 to Chief Information Officers (CIOs), IT, and Business Managers, and how the platform can streamline their business activities while offering convenience to their workforce through digital transformation. The event featured Derik Moorcroft and Loyiso Guru, representing 4Sight and Dynamics Africa, who spoke about how the available workflow processes accelerate digital transformation, enhance collaboration, and drive innovation within the organisation. NICO Technologies Chief Executive Officer, Clarence Gama, said the workshop was organized to inform and help potential clients that are looking to move to Microsoft 365 so that they can experience its capabilities. "Businesses are solutions that support their vision as they develop. Microsoft 365 has ideal tools to enhance productivity and collaboration as they move along in their digital transformation journey", said Gama. The event was attended by various business leaders, including TNM Services Delivery Manager, Elizabeth Chabaluka Masache, who described the workshop as eye-opening, stating that they benefit from services offered by NICO Technologies as one of their clients. Microsoft 365 is a cloud-based platform offering a range of tools and software to businesses of all sizes, including collaboration and productivity tools. The platform allows businesses to access documents and applications form any device with internet connectivity, promoting mobility and flexibility. With its many features, Microsoft 365 is the all-in-one solution for businesses looking to enhance productivity, communication, and collaboration. NICO Technologies continues to promote and provide tailored IT solutions to businesses in Malawi. The business breakfast is one of many initiatives aimed at helping businesses effectively leverage technology to improve their operations.

NICO Group which includes, NBS Bank and Eris Properties, has Sponsored MK12 million towards the 57th Association of Power Utilities of Africa (APUA) meetings. The meetings, which are being hosted by the Electricity Generation Company (EGENCO), will provide a platform where various power utilities in Africa will come together to discuss the development of the African electricity sector. Speaking on behalf of the Group when announcing the sponsorship, NICO General Chief Executive Officer, Donbell Mandala, said the Group felt duty bound to support EGENCO towards this event due to its national importance of improving electricity supply in the country. “We appreciate the role that EGENCO plays in driving the economy of the country as electricity energy is an enabler of economy growth. Our manufacturing, mining, and agriculture industries, to mention a few, both need energy to operate successfully”, Mandala said. He added that the NICO Group is an advocate and contributor to national development and that this sponsorship is a further indication of the Group’s commitment towards that drive. “We believe that EGENCO and its partners will use these meeting to network with key stakeholders and build relationships that support their key strategies as they aspire to grow the energy generation capacity”, he added. EGENCO Chief Executive Officer, William Liabunya, expressed gratitude towards NICO for the sponsorship . “This is not the first time that NICO Group has supported us on initiatives that contribute to bettering the energy sector . We are grateful and believe that this sponsorship will go a long way helping us gain more knowledge on what we can do and develop the nations power grid”,Liabunya said. The Meetings will take place from 3-9 June 2023 in Lilongwe. Established in 1970, the Association of Power Utilities of Africa (APUA) is a continental, non-profit organisation that brings together power utilities in Africa as well as African or foreign organisations whose activities contribute to the development of the African electricity sector. NICO Group remains committed to partnering and growing partnerships with institutions that contribute to the economic growth of Malawi.

NICO General has opened its first fully digital office and Service Centre at Chichiri Shopping Centre. The new branch, which extends NICO General’s self-managed centres to 5, was opened on Friday, 19 May 2023, with the message of encouraging shoppers to insure while they shop. NICO General Chief Executive Officer, Donbell Mandala, said the company values its customers and is continuously striving to give them the best service. “The opening of this centre will offer both physical conveniences, because of the location, and convenience on time management, because of the extended operating hours and days which include Saturdays. The Centre also offers comfort as while we work on insuring your valuables, you can shop, enjoy coffee or a meal or meet a friend,” Mandala said. He added that NICO General is adopting digital means of running its operations which will be convenient for customers. “As we drive accessibility through physical means, our company is also working hard to ensure we bring digital solutions that allow our customers access most of our services from the comfort of their homes. We are currently working on the web portal, mobile app, and chatbot systems that will ensure just that”, he added. The Guest of Honour at the opening event, Reserve Bank of Malawi Director, Administrative Services, Lanjes Sinoya, commended NICO General for always putting the customers first. “It is always good to see corporations that put their clients first. With this new office, I believe that NICO General will be able to reach more clients. The digital platforms that Mr. Mandala has spoken of will definitely add to the convenience of the clients too”, Sinoya said. NICO General remains committed to maintaining its status as a reliable insurer by providing the best service and innovative solutions for its clients. Download our product profile here - https://nicogeneral.com/products-profile/

NICO Group which includes, NBS Bank and Eris Properties, has Sponsored MK15 million towards the first Malawi Investment Forum. The Forum, which is being hosted by the Ministry of Trade through the Malawi Consulate General, will be held from 24th: 25th May 2023 at Emperor’s Palace in South Africa. Speaking on behalf of the Group when announcing the sponsorship, NBS Bank Chief Executive Officer, Kwanele Ngwenya, said this is an opportunity to hold hands to foster economic growth for the country. “As key players in the financial sector in Malawi ourselves, it is imperative that we support initiatives that create opportunities for growth and investment. We believe that this investment forum is the beginning of more and better investment opportunities for Malawi”, Ngwenya said. He added that the Group is a key contributor to national development and an advocate for economic growth and that this sponsorship is a further indication of the Group’s commitment towards that drive. “As the world continues to shift fundamentally, economies and companies need to make that shift too. We all need to take that step towards a more developed and independent Malawi. As NICO Group, we believe that initiatives like this forum will contribute towards positive conversations that will see Malawi achieve its Vision 2063”, he added. The First Malawi Investment Forum is being held under the theme A Prosperous Malawi through Strategic Investment Partnerships. The two-day forum will target the Energy, Mining, Agriculture, Tourism, Health and Education, Financial Services and ICT Sectors The NICO Group remains committed to partnering and growing partnerships with institutions that contribute to the growth of Malawi.

NICO Group which includes, NBS Bank and Eris Properties, has Sponsored the 2023 ICT Expo with K7 million. The Expo which is being hosted by the ICT Association of Malawi (ICTAM) will be held from 17-19 May 2023 in Lilongwe. NBS Bank Head of ICT, Chinga Chaguluka, said the sponsorship follows NICO Group’s position to significantly contribute to the nation’s digital ambitions. “As a key player in the development of ICT in Malawi, it is imperative that we are the centre of the ongoing discussions where tech is concerned, as such we continue to reiterate our support to ICTAM and its annual ICT EXPO”, Chaguluka said. He added that the players in the ICT sector have been resilient in growing the industry and it is encouraging to see that ICTAM is fully committed to further developing the sector. “As the world continues to shift fundamentally towards digital adoption, with the advent of advanced technologies such as artificial intelligence and machine learning, economies and companies that need to be faster to adapt are likely to be at a global and competitive disadvantage. As such it is imperative that, as a Group, we continue to encourage such vital causes”, he added. ICTAM Vice President, Maya Nkoloma, expressed his gratitude for the support that NICO Group has always rendered the association. “We appreciate the relationship we have with NICO Group, who have always supported our efforts. This sponsorship will go a long way towards the success of this year’s expo”, Nkoloma said. The 2023 ICT Expo will be held under the theme Building Business Resilience Through Digital Technology and will be held at BICC in Lilongwe. The NICO Group remains committed to partnering and growing partnerships with bodies that contribute to the growth of Malawi.

NICO Asset Managers have sponsored the Chess Association of Malawi’s (Chessam) National Schools Chess League with K8,898,000. The sponsorship has been made to show students and their patrons the importance of planning ahead from a young age. NICO Asset Managers Chief Investments Officer, Daniel Dunga, said it is also a way to make sure students are financially literate from a young age. “Apart from promoting the game of chess, we want to introduce the importance of financial planning at a young age. We want our children to be financially literate. There are a lot of similarities between chess and Investment. In chess, one develops a strategy of winning and carefully plans their next action, knows one’s opponents and how to bit them, and anticipates a win. The same happens in investment, one needs to have an investment strategy and plan, make a deliberate move to save, do research on your available options, and anticipate your returns,’ Dunga said. He added that NICO Asset Managers is committed to promoting various developments in the youth sector. “We value the betterment of our children’s future. In countries with advanced economies, the majority of the population starts planning for their financial ambitions from a young age and we want that for our Malawian children”, Dunga said. The sponsorship is for three years beginning in 2023 and the amount may vary depending on the budget for that year. Chessam General Secretary, Gift Howahowa, expressed gratitude for the sponsorship. “We are very grateful for this sponsorship as it will come in handy in the success of this year’s league. We appreciate how committed NICO Asset Managers is to bringing chess and investment to our children and all of us. This game changes how people think, and we are grateful that we have the same vision as NICO Asset Managers. We look forward to this partnership and to bringing chess to life”, Howahowa said. The funds will be channeled toward purchasing necessary chess tools, league logistics, and winners’ prizes NICO Asset Managers remain committed to being the investment partner that will help clients achieve their goals.

NICO Life has introduced a new savings product that comes with life cover embedded. A first of its kind on the market, the new product dubbed “Zonse Savings”, has no underwriting requirement, providing customers with the mechanism to save for a future event while providing the holder with life cover. Speaking during the launch NICO Life Chief Executive Officer, Eric Chapola, said the company is continuously looking to cater to the ever evolving market needs. “This product has been designed to make it easier for our customers to plan out their lives and those of their loved ones hence the name Zonse to encapsulate the fact the policy provides multiple benefits in one”, Chapola said. He added that the potential yield is among the most competitive on the market and is available to regular income earners. “The amount payable at the end of the investment is dependent on, among other things, the savings premium payments and the performance of the invested underlying assets which remain among the most competitive on the market. In the event of the death of the policyholder, the full value of the policy is paid out together with a life cover benefit to the respective holders’ beneficiaries”, he added. This policy can run for a minimum of 5 years and a maximum of 20 years whereby the minimum age at entry is 18 and the maximum age at entry is 60.

NICO Group has committed K200 million to assist victims of Cyclone Freddy, which has had devastating effects in the Southern Region of the country. As of 15th March 2023, over 200 deaths had been reported with over 4,000 households being displaced. The NICO Group of companies, which includes NBS Bank and Eris Properties, believes the donation is within its values of being a responsible and responsive corporate citizen. The funds will be channeled primarily through World Vision to provide relief to 3,000 households. Additional support will go towards efforts being championed by the Rotary Club of Blantyre and the Malawi Land Rover Defenders Club which is using personal Landrover vehicles to reach those in affected areas. NICO Group Managing Director, Vizenge Kumwenda, said the Group has come forward with the donation to help mitigate the impact of the cyclone, which has wreaked havoc across various districts in Malawi. “Fellow Malawians have been greatly affected by the cyclone. The devastation and loss of life is unimaginable. NICO Group has a strong history of providing relief and support to communities when there are national disasters or states of emergency in the country, and we felt duty bound to step in and assist through this contribution,” Kumwenda said. Kumwenda further commended the Government for efforts made to lead and consolidate relief efforts: “On behalf of the NICO Group, I would like to take this opportunity to commend Government for the actions being taken to help the thousands who have been affected. The challenges are enormous, but we believe that together, we can surmount them,” Kumwenda said. He also applauded the Private Sector and all Malawians who have shown their support during this time, stating that an effective response requires all stakeholders to play a part in any way they can. Kumwenda noted that the affected areas will continue to experience the effects of the cyclone for some time and stated that NICO Group will continue to monitor the situation and assist where possible. As a leading financial services group in Malawi, NICO has continuously supported initiatives that uplift Malawians in the areas of Education, Health and Environmental Conservation.

NICO Group, through NICO Foundation, and ICON Properties have laid a foundation stone for a double-storey classroom block at Mbayani Primary School in Blantyre. At the time, the cost of putting up a double-storey block holding four classrooms was MK100 million. Due to devaluation, the costs increased to MK 190 million and there was need to source more funds to build the school block. NICO Group added another MK40 million to the pledge and ICON Properties came in to fill the gap with the MK50 million donation. Explaining why NICO Group made this donation, NICO Group Managing Director Vizenge Kumwenda, said the donation is within its values of being a responsible and responsive corporate citizen. He further disclosed that the projects’ commencement was awaiting approval from the Blantyre City Council as government schools in Malawi have always been one-storey structures. “We are pleased that our request has now been approved and work has begun. Our target is to create an environment where students are able to learn while preventing the spread of diseases like CoVID-19 and Cholera,” Kumwenda explained. Blantyre City Council Chief Executive Officer, Dennis Chinseu, commended NICO Group and ICON Properties for their commitment to developing various sectors including the education sector. “We have been complaining about our students learning under trees, which was due to a high number of pupils per classroom. This will now be a story of the past. With the scarcity of land due to over-population in Blantyre Urban, NICO Group and ICON Properties have done commendable work: we really needed to start building modern classrooms to accommodate our learners in a good environment,” Chinseu said. Senior Grouping Village Headman Magasa reiterated Chinseu’s remarks, adding that the classroom block has come at the right time as learners learning under trees are greatly affected by the rain.

NICO Group have donated various medical items worth K20 million to six hospital facilities to help fight the Cholera Outbreak. This is in response to Government calls for assistance with the outbreak as it has hit the country. NICO Life Insurance Chief Executive Officer (CEO), Eric Chapola said the donation is a response to the cholera outbreak, which is claiming the lives of people and has put the country at a risk “At NICO Group, and mainly NICO Life, we believe that we cannot do without people and we always need our clients to be healthy. We believe that these items will bring a significant change in mitigating the outbreak.” In his vote of thanks, clinical officer for Ndirande Health Centre, Leviticus Daniel applauded NICO Group for the support, which he said has come at the right time when the facility is registering high number of cholera cases. He said the Centre is facing many challenges due to inadequate equipment used when treating cholera patients and lack of enough health workers. “The coming in of NICO Group with these items is a commendable support and will really help us to defeat cholera,” he said. Some of the donated items include ringers’ lactate, liquid soap, cannulas, washing powder, blankets, basins, gumboots, gloves, 10 & 50-litre buckets, and oral rehydration salts (ORS). NICO Group made the donation in partnership with World Vision Malawi.

NICO General has rewarded 9 safe drivers with early Christmas Presents following the second draw in the Eyetu Drive Better rewards campaign, which was launched in April. The campaign was launched to encourage drivers to be careful on the road and to incentivize drivers that make no claims for at least 3 years on an insured car. NICO General Chief Executive Officer, Donbell Mandala, said the company values its and is continuously striving to give them the best service. “We are pleased with how our customers have received this campaign with some even asking that we hold the draw monthly following our first draw in July. We are also pleased to know that drivers have been encouraged to drive much safer on the roads due to this campaign,” Mandala said. He further urged all road users to be cautious on the roads during the festive season. added that the company is committed to introducing new and innovative ways to keep clients satisfied and safe on the road. “NICO General is committed to introducing new and innovative ways to keep our clients satisfied, but they also have a role to play. I urge all road users to adhere to road guidelines especially during this season which often has the most recorded road accidents. The Eyetu Drive Better Rewards campaign will run for a year, with 3 winners walking away with cash back and discounts on the next insurance renewal or addition in each quarter of the year. The quarterly prizes are as follows: 1st Prize: K300,000 cash back and K300,000 discount on next insurance 2nd Prize: K200,000 cash back and K200,000 discount on next insurance 3rd Prize: K100,000 cash back and K100,000 discount on next insurance. The winners from the second draw are: Northern Region 1st Prize: Victor Charles Gondwe 2nd Prize: Chikondi Nyemera 3rd Prize: Precious M. Ngulube Central Region 1st Prize: Noh Chae Swong 2nd Prize: Patel G. Nagin 3rd Prize: Florence Emiliana Tembo Southern Region 1st Prize: Masudano Maluga 2nd Prize: Dennis Disi 3rd Prize: Fardeen Sidik NICO General remains committed to maintaining its status as a reliable insurer by providing the best service and innovative solutions for its clients.

In an effort to tighten security around Chichiri Shopping Centre and the surrounding area, ICON Properties Plc has committed to provide office facilities which the Police can use as a police unit. The space to accommodate the police unit is under construction at Chichiri Shopping Centre towards the underground carpark entrance. The coming in of a police unit at this location will not only tighten security of the shoppers at the mall but will extend to provide security outside the mall to all surrounding areas including road users. The Chief Executive Officer of ICON Properties and Eris Properties, Mrs Ellen Chapinduka Nyasulu explained during the Christmas Tree Lighting and Carols ceremony at Chichiri Mall, that the Regional Commissioner of Police (S) was looking for space to open a police unit within Chichiri Area. With ICON Properties plc being a business that is into providing accommodation solutions, it was only proper for it to consider this social accommodation need which would at the end of the day provide symbiotic benefits to both the patrons of the mall as well as the surrounding areas from a security perspective. “As ICON Properties (the owners of the premise) and Eris Properties (the managers of ICON Properties) we are committed to ensuring that there is enough security for our tenants and the shoppers. We noted that our law enforcers noted the security challenge which was being faced around Chichiri area and wanted to step up their presence therein however what they lacked was accommodation. That’s when we came up with this initiative to have a police unit within the premise to allow the law enforcers provide security at a large scale”, said Nyasulu. “We want to ensure that Chichiri area including the shoppers at the mall, the sporting fraternity for the stadium etc. have a great and secure experience. Beyond providing security at the malls, we believe it is our responsibility as corporate citizen to hold hands with government efforts for a safe Malawi for all,” she added. ICON Properties and Eris Properties held a Christmas Tree Lighting and Carols Ceremony at Chichiri Mall on Saturday 17 December to commemorate the Festive Season with its shoppers, tenants and the community. The colorful event saw the lighting of a gigantic Christmas tree, performances from various artists and fun for kids and adults. As part of its social responsibility, ICON Properties and Eris Properties further donated K500,000 to Enriching Lives Organisation which feeds orphans, elderly people, and people with various impairment. Another set of Christmas Carols will be held in Lilongwe at Lilongwe City Mall, another of ICON Properties Mall, on 23rd December 2022. ICON Properties recently wrote to its tenants of the introduction of Parking Management System as an approach to provide an innovative solution to the parking problems the shopping malls are facing. At the beginning of the year, ICON Properties introduced a new addition to its Chichiri Mall infrastructure through KFC drive -through, which is the first restaurant to offer this service in Blantyre. Apart from Chichiri Mall, and Lilongwe City Mall, ICON Properties owns several other magnificent buildings in the main cities. The police unit is expected to be handed over to Police authorities at the beginning of next year.

ICON Properties Plc has joined NICO Group in supporting government’s efforts of improving school structures to reduce congestion in schools, as both, a Covid -19 measure as well as a classroom accommodation addition move. ICON Properties has made a financial contribution towards construction of new school blocks at Mbayani Primary School in Blantyre. The school was first earmarked as needing support of additional school blocks by NICO Group, which pledged MK140 million towards this cause. At the time, the cost for putting up a double-storey block holding four classrooms was MK100 million. Due to devaluation, the costs increased to MK 190 million and there was need to source more funds to build the school block. NICO Group added another MK40 million to the pledge and ICON Properties came in to fill the gap with the MK50 million donation. Explaining why ICON Properties made this donation, ICON Properties and Eris Properties Chief Executive Officer , Ellen Chapinduka-Nyasulu, said she believes that the donation is within its values of being a responsible and responsive corporate citizen especially in areas that require accommodation solutions be it commercial or social as the case is in this scenario. “The funds will be deployed towards closing the gap that our mother company, NICO Group, identified in building additional school blocks for Mbayani Primary School, and we have joined efforts to ensure the project kicks off as planned. ,” Nyasulu explained. Nyasulu further added, “ Mbayani Primary School is the most congested school in Malawi, with over 7,400 pupils. Currently the school operates in shifts to accommodate all pupils, and we felt it necessary to give our children a better learning environment”. ICON Properties Plc is a listed property investment company incorporated as part of a restructuring exercise by shareholders of various property holding companies. The groundbreaking ceremony will jointly be held by NICO Group and ICON Properties early next year.

NICO Life has successful conducted its second draw for its Tilinanube Campaign which has seen four policy holders getting a full year of not paying premiums. The initiative was introduced in June to ease the pressure that comes with the monthly premiums. NICO Life Chief Operations Officer, Dr. Lillian Moyo, said the company is prepared to provide the most innovative solutions to benefit their clients. “We have very loyal clients who have been consistent with their premiums. This initiative confirmed that tilinanube (we are still with you) during the tough time of loss”, Dr. Moyo said. She added that the introduction of the USSD platform (*325#) in 2021 is still receiving positive feedback with over 100 new policy holders onboarding using the platform in July 2022. “Clients no longer have to visit our offices to register or get updates on their policies. We have had good reviews from individuals who have been able to buy the policy, pay premiums and follow up on claims among other services on the platform”, she added. Tilinanu Funeral Cover is an affordable individual cover that pays up to K1 million in the case of death. As a principal member (the one who buys the policy) one can add a spouse, up to four children, up to four parents and up to six other extended family members. NICO Life is committed to being reliable in easing the lives of its clients.

NICO Group has donated K3.5 million to the Institute of People Management Malawi (IPMM) to go towards its annual lake conference. The three-day conference has been slated for 10th: 12th November 2022 in Mangochi District. Each year, the conference brings together human resource practitioners, company directors and executives from across the county to among other things, discuss topical issues affecting human capital management. NICO Group Head of Marketing and Customer Experience, Lorraine Phiri said human resources practitioners play a critical role in professional employment and deserve the support. “It is the recognition of the role they play that prompted us to support their annual conference. We know that these sessions bring forward a pool of expertise and innovations to issues in the human resource sector,” Phiri said. IPMM Executive Director, Boniface Msesa, thanked NICO Group for the support and said the event accords HR practitioners a chance to share knowledge, interact among each other and share experiences happening in the business world. “The Human Resource field is an environment on its own and this environment is always changing. It is important that as practitioners we stay abreast with all those changes,” Msesa said. NICO Group remains committed to playing its role of contributing to the growth of all sectors of Malawi.

NICO Holdings Plc has posted unaudited summary consolidated (group) and separate financial statements for the six months period ended 30 June 2022. The results reflect profit after tax for the half-year period of K11.8 billion. This is 68 percent higher than the K7.0 billion profit recorded for the same period in 2021. The growth in the Group’s profitability was driven by good performance of the life insurance and banking businesses. The return to profitability of the general insurance business in Malawi also contributed to the growth in profitability in the period. The results were posted a few days after NICO Holdings Plc held its 52nd Annual General Meeting (AGM) on 26 August 2022, at Ryalls Hotel, in Blantyre. During the AGM, shareholders received the year ended 31 December 2021 financial results which posted a Profit After Tax (PAT) of K18.3 billion. This was 2 percent lower than what was reported for the year ending 31 December 2020. NICO Holdings Plc Chairman, Gaffar Hassam, said the drop in the year ended 31 December 2021 PAT was due to a reduction in business for the general insurance business in Zambia and paying out of COVID -19 related death claims. “Motor claims increased significantly resulting in deterioration of the motor loss ratio from 62 percent to 68 percent. The Covid-19 pandemic also deeply affected the performance of NICO Life. Profit after tax was down by 2 percent compared to 2021 following payment of Covid-19 related death claims, which were approximately K3 billion,” Hassam said. He added that PAT of the general insurance business in both Malawi and Zambia fell from K1.7 billion to K787.4 million due to an underwriting loss of K1.4 billion. Hassam, however, expressed optimism for the business due to deliberate efforts being put in place to grow the businesses that would in turn continue benefiting shareholders. “These efforts are already yielding visible results. NBS Bank has come from making losses to making a Profit After Tax of K7.4 billion in just 4 years. That is proof that we have a plan for growth and that shareholders can trust that their investment will continue growing,” Hassam added. NICO Holdings Plc was the first company to be listed on the Malawi Stock Exchange. The conglomerate, which was established in 1971, has grown to have 9 subsidiaries in Malawi and Zambia, a joint venture company in Malawi and an associate company in Mozambique and an investment in a general insurance company in Uganda

NICO Group successfully held a family day after a two-year break that was caused by the COVIV-19 pandemic. The event, which started off with aerobics at Chichiri Shopping mall then a fun run to Blantyre Sports club, saw members of staff from across the Group, which includes NBS Bank and Eris Properties, having a day out with their families. NICO Group Managing Director, Vizenge Kumwenda, said it was important to give staff a chance to relax outside the office. “We value and push to having what we call a work: life-balance to encourage staff to take the much-needed time off and spend time with their families. This family day gives us a chance to interact as ONE NICO family with colleagues and with our families.”, Kumwenda said. He further added that it was an opportunity for staff to interact in one space since the partial lockdown due to the COVID-19 pandemic. NICO Holdings Board Chairman, Gaffar Hassam, reiterated Kumwenda’s sentiments adding that such events help grow the relationships of staff members. “The people here and people we spend a lot of hours with, be it in the office or at home, making them all our family. Having an opportunity to interact with each other where there is no pressure of a deadline is exactly what is needed after a long week,” Hassam said. The day was filled with numerous activities which included aerobics, wellness talk, football and netball tournament, volleyball and basketball games, board games such as chess, and more fun games such as sack race, chicken race and egg race for both adults and children. A One NICO Anthem produced by local artists Phyzix, Hyphen, Nepman and Tuno, was launched as part of the activities of the day. NICO Group remains committed to creating the best work place for all its staff members.

NICO Group, through its subsidiaries NICO Asset Managers and NBS Bank has donated K100 million to Lilongwe University of Agriculture and Natural Resources (LUANAR) for the refurbishment of student’s hostels. The donation was made at a luncheon commemorating Vice Chancellor, Professor Emmanuel Kaunda’s one year in office. NICO Group Managing Director, Vizenge Kumwenda, said the NICO appreciates the value education brings to the country, and is committed to ensuring that students have the facilities needed to help them get their education. “We were here a few weeks ago for a business engagement with LUANAR Management, and we were briefed on key projects that needed funding to ensure students access better facilities. Among which was the need to refurbish hostels, cafeteria and library. We were deeply concerned with the state of these facilities and decided to come on board and assist with the refurbishment of the hostels to make the students time here more comfortable,” Kumwenda said. He further urged students to make use of the institution facilities, and tutors in bettering their future. “Education is one thing that no one can take from you. Once you get that qualification, no one can claim it: that degree is yours. So, I urge all students to use their time here wisely and make use of the resources,” he added. Professor Emmanuel Kaunda expressed gratitude and said the donation has come at the right time and will go a long way. “This donation is quite timely. Not only for the students but also for the African Union 5 Region Youth Games set to take place in December 2022, where LUANAR has been identified as one of the hosts for the athletes ,” Professor Kaunda said. He further described his one year in office as successful due to the support he has received within the institution and organisations such as NICO. Guest of Honour at the luncheon and Chairman of Council, Professor Zachary Kasomekera, reiterated Professor Kaunda’s sentiments, adding that LUANAR’s relationship with NICO is valuable. “We are grateful for the support that NICO continues to provide towards the betterment of education in Malawi,” Professor Kasomekera said. The event also saw Professor Kaunda presenting Value in Action Awards to three nominees. These are given to LUANAR staff who have championed the university’s core value of the month, which was Integrity for the month of August. NICO Group remains committed to being a responsible corporate citizen and supporting various sectors of the economy in communities that it operates.

NICO Group has reiterated its commitment to contributing toward the health sector by donating K4,530,000 to Adventist Health Services (AHS). The donation will go towards purchasing a solar power system unit that will be installed at AHS’s Soche Clinic. NICO Pension General Manager, Gerald Chima said the company understands the challenges that the health sector in Malawi is meeting. “It is always heart-breaking to hear of the lack of resources in the health sector. As a caring contributor in Malawi, we are committed toward assisting in every way we can,” Chima said. NICO Life Chief Executive Officer, Eric Chapola, reiterated Chima’s sentiments adding that it is pleasing to also see other corporates playing their part in the health sector. “The current economic status has affected all business operations. And that being the case, health operations have also been somewhat disturbed. I have read of corporates making various contributions to the cause and this is commendable,” Chapola said. AHS Chief Executive Officer, Dr. Fyson Kasenga, expressed his gratitude to NICO, saying the donation was timely. “On behalf of Adventist Health Services management and indeed on my own behalf, I would like to thank you and NICO management for supporting AHS with funds to procure solar power system. This support will go a long way in strengthening health services delivery at Soche Clinic where solar power system will be installed,” Dr. Kasenga said. NICO Group remains committed to remaining a responsible corporate citizen in Malawi.

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NICO Life has successful conducted its first draw for its Tilinanube Campaign which has seen two policy holders getting a full year of not paying premiums. The initiative was introduced in June to ease the pressure that comes with the monthly premiums. NICO Life Chief Operations Officer, Dr. Lillian Moyo, said the company is prepared to provide the most innovative solutions to benefit their clients. “We have very loyal clients who have been consistent with their premiums. This initiative confirmed that tilinanube (we are still with you) during the tough time of loss”, Dr. Moyo said. She added that the introduction of the USSD platform (*325#) in 2021 is still receiving positive feedback with over 100 new policy holders onboarding using the platform in July 2022. “Clients no longer have to visit our offices to register or get updates on their policies. We have had good reviews from individuals who have been able to buy the policy, pay premiums and follow up on claims among other services on the platform”, she added. A total of five winners drawn will each earn a year’s worth of premiums free at the end of the three-month campaign period. The two winners from this first draw are Kelvin Phoya and Pauline Chimenya. Tilinanu Funeral Cover is an affordable individual cover that pays up to K1 million in the case of death. As a principal member (the one who buys the policy) one can add a spouse, up to four children, up to four parents and up to six other extended family members. NICO Life is committed to being reliable in easing the lives of its clients.

Malawi Stock Exchange-listed Nico Group has said it anticipates the economic situation to remain volatile in the interim to medium terms, albeit remaining optimistic that its business will remain afloat. Nico Group Managing Director Vizenge Kumwenda said this on Tuesday in Blantyre when the company engaged its stakeholders on its business performance and prospects. Among other things, Kumwenda said exogenous shocks such as supply chain disruptions on the global market due to the Russo- Ukrainian War remain a thorn to the local economy. “The business environment will continue to be difficult. The world economy is also going through a lot of turmoil due to the Ukraine-Russian war which is also impacting supply chain where goods and services are not moving the way they should. There is also a general inflation which is worldwide, some of which are a result of effects of Covid. “These things have an impact on Malawi. So, it will not be easy, it is something that we will have to take a day at a time to manage these risks,” Kumwenda said. He then called for prudence in all sectors of the economy, including in managing the public funds, in an attempt to cushion impact of the risks. According to Kumwenda, while demands remain enormous, the country needs to consider making serious adjustments towards recovery. Commenting on the business performance, Kumwenda said the firm show signs of resilience in the first six months of the year, a performance he said will be extended to the remaining part of the year and beyond. “The first half was tough but we are on course to meet what we intended to achieve. We expect our performance for the first half of 2022 to be better than the first half of 2021 with not less than 35 percent,” Kumwenda said. By William Kumwembwe, Daily Times

NICO Group has launched its 2022/23 thematic campaign with the aim to further communicate to its customers and the market its unapparelled expertise and diversity of product offering in Malawi. NICO takes prides in being the leading and largest financial services Group through its wide product offering in the country. The new campaign, dubbed It’s clear ( Zili Kiliye in Chichewa), builds on the just ended drive, The ONE. The ONE suitably positioned NICO as The ONE tried and tested (for 50 years) financial services Group, providing solutions that guarantee achievement of one’s goals. Through this drive, NICO learnt that there is more that the market is looking for in financial services. Everyone wants a trusted financial provider; a provider that will help one see the future; a provider that will change ones’ life. It’s clear campaign leverages on the insight that It’s clear that everyone wants a trusted financial provider. It’s clear that everyone wants the best for their loved ones and a bright future for their children. It’s clear that everyone wants their dreams to become reality. It’s clear that NICO is that trusted partner that will help you see your future and help you achieve your goals. NICO has a wide range of solutions that not only steer you towards the best financial decisions but will also improve your life and that of your loved ones. These solutions are also tailored to steer personal businesses and institutions success stories. The It's clear campaign is centred around a mirror. Everybody looks at themselves in the mirror for self-adoration or for self-affirmation. A mirror is also associated with looking into the future; visualizing who you could be and what you can achieve. It’s clear that the visualized future looks great. NICO is there to help you achieve that future by offering financial and business solutions that will take you there. NICO Corporate Affairs Manager, Mbumba Mlia-Ndasauka, said It’s clear that NICO has for over 50 years proven its reliability as a trusted financial provider and continues to provide innovative solutions that will change customers’ lives. “The campaign is to show our customers that NICO will always be that partner that will help you clearly see the potential you have to achieve your goals. NICO provides the solutions to take you through this journey and will continue to clean your mirror to clearly show you who and what you can become,” Phiri said She added that the It’s clear campaign will bring the NICO brand closer to the people as it works on the insights and understanding NICO has of its customers and the market. The It’s clear campaign will be rolled out across all 9 subsidiaries of the NICO Group and will align product advertising to the campaign throughout the year. NICO Group remains committed to being a trusted financial solutions provider in Malawi. It provides solutions in general insurance, life insurance, pension services, asset management, corporate finance advisory, banking, information technology and property management and development solutions. It’s clear that NICO has the knowledge and expertise to help you achieve your goals .

NICO General is pleased with the response that the Eyetu Drive Better rewards campaign has received since it was launched in April. The campaign was launched to encourage drivers to be careful on the road and to incentivize drivers that make no claims for at least 3 years on an insured car. NICO General Chief Executive Officer, Donbell Mandala, said the company understands the frustration that may come with paying premiums. “When we launched the campaign, I mentioned that we know that paying premiums is not always something to smile about. Today, as the reliable and caring insurer NICO General is, we are smiling because the campaign has been well received on the market and the number of people inquiring about it proves that,” Mandala said. He added that the company is committed to introducing new and innovative ways to keep clients satisfied and safe on the road. “Some of the clients have been with us for years with no recorded claim. This is among the many ways in which we appreciate these clients,” Mandala added The Eyetu Drive Better Rewards campaign will run for a year, with 3 winners walking away with cash back and discounts on the next insurance renewal or addition in each quarter of the year. The quarterly prizes are as follows: 1st Prize: K300,000 cash back and K300,000 discount on next insurance 2nd Prize: K200,000 cash back and K200,000 discount on next insurance 3rd Prize: K100,000 cash back and K100,000 discount on next insurance. The winners from the first draw are: NORTHEN REGION 1st Prize: Alex Chambukira 2nd Prize: Grace Chalemba 3rd Prize: Hon. Jappie Mhango CENTRAL REGION 1st Prize: A.M. Kamwendo 2nd Prize: Innocentia Nkhoma 3rd Prize: Gloria Mpelembe SOUTHERN REGION 1st Prize: Father E. Nthalika 2nd Prize: Zakeyu Chigwenembe 3rd Prize: Gabriel Kambale NICO General remains committed to maintaining its status as a reliable insurer by providing the best service and innovative solutions for its clients.

As you get older medical expenses tend to get higher. You may not feel the pinch now if your employer covers your medical bills or if you are covering the bills using proceeds from your various businesses. This pinch will be felt when sources of income are constrained during retirement. It is never too early to start thinking broadly about your retirement especially when it comes to your health. Whether you have just started your career, or close to retirement, it is important that you understand and start planning for the inevitable possibility of increased medical costs when you get older. Create a cash cushion Rising health care costs and unforeseen illness can disrupt even the most elaborate retirement plan. It is therefore important to maintain a solid medical insurance scheme. In the case of Ndalamas, they are advised that setting aside liquid investments within their retirement plan, solely dedicated to their future medical expenses, will benefit them. This will act as a cushion should there be any huge bill that they will need to take care of at the time. A provision for medical costs should be prioritized as one of the most important aspects of a good retirement plan. Unfortunately, medical expenses typically increase with age as is the circle of life. In a Malawian context, as the healthcare system gradually progresses, people with advanced illnesses or medical conditions may opt to seek treatment abroad and incur a variety of unplanned costs like air tickets, accommodation, and other travel expenses. Similarly, medical treatment locally may be needed from highly specialized private medical personnel which may be primarily expensive. The Ndalamas are advised to have medical expenses as a part of their retirement plan, creating a solid back-up plan for any illness. This will keep them covered long after they are no longer employed and possibly with no one but them to cover their medical expenses. Some of the factors to consider as they make this plan are their health status, available health covers, retirement age, retirement location and their income. Cut down on expenses As you go into retirement, it is important to cut down to certain expenses to ensure your retirement funds sustain you. This means dropping or cutting down all unnecessary expenses. In this case Pemphero and his family can choose to revise different aspects of their lifestyle for example, change the frequency of family outings , opt for a low maintenance vehicle and so forth. Preparing for an enjoyable retirement does not mean they entirely give up on their fun family activities. At the centre of all investment success is mastering the art of compromise. The Ndalamas therefore have extra cash that will go toward their medical bill expenses. This means they examine some of their spending habits and see how best to maintain an enjoyable life they can manage now while preparing for the future. With that said, it has been an amazing 6 weeks of sharing my take-aways from the retirement seminar by NICO Group last year. The advice from Mr. Lipunga and lessons learned from the Ndalama’s chats with their advisor has made it clear that it is never too early to prepare for an enjoyable retirement. Remember that you want a relaxed and enjoyable retirement, not a stressful one, and NICO Asset Managers is prepared to guide you in the right direction. If you missed any of the articles, visit the NICO Asset Managers website below and do not hesitate to contact them for more. For more information, contact NICO Asset Managers on: Call Centre: 323 Email: invest@nicoassetmanagers.com Website: https://nicoassetmanagers.com Follow us on LinkedIn: NICO Group Malawi

The saying goes, "Debt is the slavery of the free." as put by Publilius Syrus. Debt is the last thing you would want to accompany you to your retirement. Debt has proven to be the most detrimental aspect of many retirees’ lives. It has caused retirees to lose their homes, cars and even businesses which is truly a heartbreaking experience. We cannot fully discuss investing for your retirement without confronting the elephant in the room, debt . This is not to say that you ought to be debt-free during retirement, even though it would be the most ideal situation, but it is to emphasize that your debt must be managed to ensure a smooth landing into your years of rest. It is imperative that one balances their income and debt by creating a realistic repayment amount and timelines. This should be done while a solid investment plan is being adhered to. At the Retirement Planning Seminar, Mr. Lipunga emphasized that debt is largely unavoidable; as a matter of fact, most financial goals have been efficiently attained through some form of debt: be it student loans, car loans, and mortgages. Most debt is managed through repayment (servicing) and that is often the difficult part if not well planned. In our economy, the most common debts are car loans, business loans, village bank loans, loan sharks ‘katapila’ (which you must avoid like the plague) and mortgage loans . Before taking a loan, one must carefully do an assessment of the costs and benefits. Ideally loans should only be taken when one wants to buy an asset or invest either in themselves through education or in a business. Taking a loan to finance every day expenses should be the last resort since there is usually no long-term benefit to such a loan. Loans taken to finance certain lifestyles could be an indication that one is living above their means. The most important factors to consider before taking on debt are the associated costs like interest charges and the required repayments. With these financial commitments in mind, the Ndalama’s may wish to obtain a loan with low repayment amounts. This can be attained by opting for a longer repayment period to lessen the financial burden. The main issue however to the Ndalamas is what is the purpose of the loan ? Is it for investment or consumption? The advisor at NICO Asset Managers will suggest a debt repayment calendar that does not cripple the Ndalamas’ retirement plan, monthly expenses, and investments. In an economy with a double-digit inflation, soaring fuel prices and forex shortage; the Ndalamas were advised to reassess their standards of living by evaluating their finances and how they may be affected by these economic factors. This may include scaling down on their expenses or even reducing high priced debt. This will ensure that they are maintaining a workable budget, investing, and paying off debt within their means. It would be set in a way that they balance debt repayment and stick to their investment plan as the Ndalamas approach their retirement. The takeaway point is that mismanaged debt may easily become a thorn in your side. A wise philosopher likened debt to a household dog, if the owner of the house feeds the dog everyday as required, that dog will never bite him. That’s the same as honouring your debt obligations on time and with the agreed amounts. Debt can only be menacing to our finances if it is not well matched to our levels of income and if it is not correctly serviced. As far as the Ndalamas go, the important thing is for them to prioritize their finances in the years leading up to retirement to help them make the most of the money they have. That means paying off expensive debts and the debts that have the potential to derail their golden years while continuing to set money aside in their retirement account. Do not end this article worried, debt may be unavoidable in some instances, but it is not impossible to manage: you just need the right plan for it. Next week we look into how current medical expenses may differ to those incurred during retirement and how best to prepare. For more information, contact NICO Asset Managers on: Call Centre: 323 Email: invest@nicoassetmanagers.com Website: https://nicoassetmanagers.com

Last week we discussed the importance of budgeting, which allows you to accumulate savings. Saving alone without an investment plan is like planting a seed in dry sand: no growth can happen. You therefore need a solid investment plan for your savings. For your investment plan to be effective, you must know why you are investing. Ask yourself, what is this for (a fallback plan, growth, or income)? How much can you afford to invest and how often? How long do you have to save to reach your goal? The answer to these questions is what will be used in formulating a solid investment plan. Investment plans vary amongst individuals. The Ndalamas were advised to consider how much they are willing to invest, how long they plan to invest, and what risks they are willing to take to achieve their financial goals. Choose the Right Investment Plan An investment plan is the roadmap to achieve your financial goals. It is an optimal tool for ensuring that your savings give you the highest possible return. Investment plans are not one size fits all. You need to consider your financial circumstances, your risk appetite, and the time that you have, to make your goal a reality. Your biggest concern with any investment is its safety. The safety of your investment may be affected by time, your risk appetite, and the economic environment. Investors have a primary goal of making a competitive return on their savings and avoiding making losses as much as possible. You want to be sure that the funds you are investing in can make a return while minimizing the possibility of encountering any loss. If that investment is for retirement, what you should care about are the choices you should make to ensure that your account is at its highest value by the time you reach retirement age. Similarly, younger investors have the luxury of taking more aggressive and risk-tolerant approaches over a relatively longer period. In simpler terms, the younger you are, the more time you have to save for retirement. The older you get, the less time you have. At 35, Pemphero Ndalama will need to get sound advice about his investments for him and his family. Consistency and discipline are key for the success of anything worthwhile, such as retirement planning. As the saying goes, you can’t have your cake and eat it too. It’s the same as planning your retirement; you will have to set aside instant gratification to reap the benefits of your investments later. Get Financial Advice Decisions around your retirement are many, but very important. If you are employed, you will most probably ask, " Is that not what my pension fund is for?" And in truth, it is, but is it enough to cater for the retirement that you would like? Pemphero, whose monthly salary is K1,000,000, knows that he contributes towards his pension fund every month. But he does not have an idea whether the amount he will be receiving after retirement from this fund will be sufficient to sustain the kind of lifestyle he wants for himself and his family. Financial advisors like NICO Asset Managers will guide Pemphero on how best to invest his funds. They will also help him create a parallel pension plan that he can have full control over and invest in a manner that provides maximum returns. This also means revisiting his budget to make sure there is a line for investment: the type of investment would be tailored to his income, expenses, and what he is trying to achieve. The advice given by NICO Asset Managers is what will help Pemphero still support his family while working on a comfortable retirement plan. As he is working on his investment plan, Pemphero also has to consider creating additional income: this is our topic for next week. For more information, contact NICO Asset Managers on: Call Centre: 323 Email: invest@nicoassetmanagers.com Website: https://nicoassetmanagers.com/

NICO Group, through its companies Eris Properties MW and ICON Properties Plc, has officially opened a new drive-through KFC branch at the Chichiri Shopping Mall in Blantyre. Chichiri Shopping Mall is owned by Icon Properties Plc and managed by Eris Properties MW. The new KFC branch gives shoppers a new fast-food option with a drive-through facility at the mall. This is the first drive: through in Blantyre City. The Guest of Honour at the event, Blantyre City Deputy Mayor, Councillor Balaba Kanojerera, commended NICO for its commitment to improving the landscape of the city. He also commended KFC Management and their umbrella company, Afribrand, for stepping up to manage the drive-through facility. "Last year, the company renovated NICO House and Kapeni House in the Central Business District. Today we are here to unveil this KFC DriveThrough at their mall. I would therefore like to commend NICO Group through Eris Properties MW and ICON Properties Plc for its undeniable commitment to changing the city’s landscape and improving the shoppers’ experience at this mall," Councilor Kanojerera said. He further commended KFC and Afribrand for their role in the development. "I would also like to commend KFC and Afribrand Directors for bringing this drive-through experience here," he added. Eris Properties MW and ICON Properties Plc Chief Executive Officer, Ellen Chapinduka-Nyasulu, reiterated Deputy Mayor Kanojerera’s sentiments that both companies are committed to improving the landscape of Malawian cities. "We exist to build better cities. This new branch not only gives shoppers a new restaurant option, but also strengthens the trust we have with international brands when it comes to solid property structures", Chapinduka-Nyasulu said. She further said that the drive-through option has been introduced to bring convenience to customers. "We aim to make our shoppers’ experience enjoyable with every move we make. This drive-through means the customers won’t even have to leave their cars", she added. KFC Principal Operator and Director, Hamza Tayub, promised efficiency and speed at the new branch. "This is the third KFC branch in Malawi, so we have experience." With this drive through, we promise to maintain the entire process: from ordering to meal collection: to 2 minutes 30 seconds," Tayub said. The new branch has been built in 9 months with assistance from various stakeholders.

When I was younger, the idea of investing, saving, or even planning for retirement, always led to the thought “I still have a lot of time for that”. And maybe I do, but what I learned at the Retirement Planning Seminar by NICO is that the longer I wait to start saving, the more I will have to save later. Last week I introduced you to the Ndalamas, who also attended the seminar. What they picked up from the seminar was that there was a need for them to plan for their retirement and the first step was budgeting. Budgeting, in simple terms, is the process of creating a plan for your money. A budget can assist the Ndalamas to have an airtight strategy for monitoring their finances and minimizing unplanned expenses. Ultimately, a budget is the answer to age-old questions like where has all our money gone? And how will we settle our bills? At the seminar, Mr. Lipunga advised us to be intentional and focused on our approach to retirement. He emphasized that the best time to start budgeting and planning for your retirement is NOW. Often, we like to wait for ‘a perfect moment’ to start planning our finances, but that “perfect moment” is just another way of procrastination playing tricks on us. Think of a budget as a map that leads you to your dream holiday destination: in this case, your financial goals. You need to stick to the map to get to where you want to be financially. Budgeting allows you to create a realistic plan for how you spend your money. It allows you to divide your money between what you need, what you want, and how much you can save. One of the first steps is to prepare a forecast of your future revenues and expenses. At 35, Pemphero knows his family needs several things for them to live comfortably. He understands that at his age, he may have to save a bit more to secure his children’s future. Creating that first budget is the first step to take if he is to keep track of his finances. What to consider when creating a budget Be guided by a budget for your expenditure: This is probably the most difficult part, but Pemphero was advised to come up with a strict expenditure plan for him and his family and stick to it. These days, there are a lot of apps that can allow you to track your budget and expenditure. Set aside a minimum amount every month for savings: Saving is like paying your future-self. At Pemphero’s age, it is advised to save a minimum of 20% of income every month. This requires discipline that pays off very well in the future. Commit to spending within your budget: The Ndalamas have been advised that they cannot spend what they do not have and to avoid going into debt as much as possible. Tracking their expenses means following where every tambala goes and how it is spent. From the little expenses, like data bundles to huge investments like land, they should be sure that they are well within their limits. Do not revise your budget every time you are tempted to violate it: It will become a habit that is harder to stop. Pemphero is advised to not borrow money from himself: an example of this is taking money budgeted for something else with the intention of “replacing” it’ later. Pemphero should ensure that he is using the funds he budgeted for their intended purpose. Convincing himself that he will “replace it will only make it a habit that will be hard to curb. See opportunities to expand revenue and spend below the budget: Having a budget does not mean having to exhaust it. If a cheaper alternative that can give you the required satisfaction is found, switch to it. Focus on needs and not desires and wants: As Pemphero grows older, his needs need to take priority over his desires. This will mean more money directed to his retirement savings. Allow yourself to enjoy life but budget for it: It is still important that Pemphero enjoys his life. As he gets more and more accustomed to this way of life, Pemphero can also come up with better ways to save for family vacations, new assets for his family, and most importantly, what he can spend during his retirement period. Have an accountability partner, such as your partner: Pemphero and Mercy already share expenses. It is important that they work together to keep each other in line to encourage financial discipline. NICO Asset Managers advised Pemphero to map out his spending for six months or even a year down the line. Through this, he can track and forecast the periods where he must be stricter with his income and those where he can relax when there is extra cash available. Budgeting may not seem to be something everyone can do, but it is something everyone looking for an enjoyable retirement should do. It is your responsibility to determine your destiny. Now that you have created a budget that allows you to accumulate savings, what next? Investments! An important aspect to consider in this journey is a careful investment plan to safeguard your savings. Next week, we will be exploring investment plans to grow your savings . For more information, contact NICO Asset Managers on: Call Centre: 323 Email: invest@nicoassetmanagers.com Website: https://nicoassetmanagers.com/

As I grow older (and wiser), retirement starts to hit home a lot harder than it did when I was 25 years old. It has moved from being a vague possibility to a definite reality. There are several issues associated with this big and unavoidable life stage. What would I like my life to look like by the time I retire? Am I doing enough to prepare for it? Do I have enough time to prepare for it? And of course, the big one, why should I even prepare for it? Last year, I attended a Retirement Planning Seminar organised by NICO, where Jimmy Lipunga was the guest speaker. Mr. Lipunga shared what I can only describe as profound and fascinating insights about retirement. All the participants agreed that the seminar was exceptional, to say the least. It is common for most of us to listen to something important and at that given time, feel motivated to act on it. However, after a short period of time, we forget. That is why I have been inclined to share the lessons learnt from the seminar with everyone through the story of my neighbours, The Ndalamas. I will take you through their experience as a result of participating in the seminar and how this has largely impacted their perceptions of financial planning. Pemphero Ndalama is a typical 35-year-old family man who got married to his college sweetheart, Mercy, when they were both 25 and have two lovely children, aged seven and five. He and his wife know that planning for their children’s future is of high importance, and so is their future. Because of this, they grew a curiosity for a financial management. Ideally, this plan would enable them to comfortably raise their kids to the best of their ability and allow them to invest in their retirement. What is retirement? Retirement can be defined in two ways. Firstly, when one is out of formal employment but is still economically active (still generating an income), and secondly, when one is out of employment and is not economically active (no longer generating an income) and living off their pension money. Mr. Lipunga shared with us the concept of a life map which he said involves the body, mind and soul adding that preparation for retirement should involve all these three faculties. He said it is possible to accumulate so much and discover that you are empty. In other words, have a purpose . Regardless of your age at the time you are reading this piece, you must accept that it is your responsibility to determine your destiny (mind) ; you must enjoy life, not waste it on empty pursuits (body) and as is the main purpose of this piece, be intentional and focused as you approach retirement (soul) . You must take care of yourself. Mr. Lipunga dwelled on these three faculties and emphasized that people should not only see retirement planning as having enough money to sustain you during that time. Your plan must get your mind ready to switch to a purpose meaningful to you; prepare your body for not being as active as you are in your younger years and prepare your soul to accept that you have indeed achieved what you wanted to achieve by the time you retire. To do all of this, you need to meet a comprehensive financial adviser such as Nico Asset Managers Limited to ensure that you are making the necessary informed decisions and taking the necessary actions. Pemphero and Mercy have been in touch with NICO Asset Managers Limited (NAML) who advised them to include a financial plan to help them enjoy the retirement they deserve. Why is it important to plan for your retirement? · There is a lot you do not know. You might be aware of a magnitude of things during the time you have been ‘doing life’ but there are several unknown factors that could affect your ability to be financially secure. By planning, the Ndalamas would be at a better position to identify and answer all the important questions that should be deliberated upon before they retire. · It eases your anxiety for the future. As we grow, money becomes a factor that constantly causes stress and uncertainty for the future. An advisor at NAML informed Pemphero and Mercy that preparing for their retirement would lead to overall financial wellness which in turn would contribute to better physical and emotional health. They would also be able to follow a budget that could sustain their current needs while saving for their future needs. · You will not be a burden. It is possible to be thecool grandparent by not being a burden to your kids. If the Ndalamas follow through with a well-designed plan, their retirement would mean that their two kids would not have to worry about covering all of their parents’ expenses and would be granted the liberty to remain financially independent after their retirement. Having a successful plan for your retirement aids in overcoming any hurdles that may be thrown your way as far as your finances go. Ultimately, you will find your retirement to be a blissful time to reflect on your professional career with utmost joy and peace, knowing that you gave it your best. Be sure to read the next article, as we explore how Creating a Budget is an important process in the Pemphero and Mercy’s plan for a pleasant retirement. For more information, contact NICO Asset Managers on: Call Centre: 323 Email: invest@nicoassetmanagers.com Website: https://nicoassetmanagers.com/

NICO Pension has declared a 14% bonus for the year 2021 on pension funds under the Ufulu Unrestricted Fund. The return is an improvement from 2020’s 9.37% in the economy that has been affected by several issues, including disruptions cause by Covid-19 and rapidly rising inflation rate. NICO Pension General Manager, Gerald Chima, made this statement on the sidelines of the online member information session held from the 25th to the 27th May 2022. He attributed the competitive return to the company’s ability to invest funds in ways that are most beneficial to its members. “The growth of our clientele’s pension fund is our main concern. We therefore always ensure that the pension funds are invested in a prudent and proactive manner to ensure that the realized returns are always above the inflation, which was at 9.4% in 2021”, Chima said. Chima added that the organisation’s commitment to finding ways to benefit clients also contributed to the 2021 declaration. Once declared the returns are guaranteed along with the contributions invested by members. This means that even in the event of a downturn in the economy, the contributed funds and declared bonuses cannot reduce and they are insured, and the insurer will come to cover any drop in value. During the sessions, NICO Pension also informed members on the upgrading of its systems. “We understand the need to keep up with the times. That is why we upgraded to a more robust pension administration system that allows straight through processing for claims and contribution allocation,” he added. The pension administrator has also introduced a portal and a USSD platform that empowers members with control of their funds without having to physically visit the offices or fill in paperwork. The USSD among other things, provides an account summary, claims documentation and an option to switch between accounts if one is a member of multiple pensions funds. Members and Principal Officers can self-register on the Online Member Self Service platform, view contribution history, initiate a claim and track progress of a claim, among other services. NICO Pension remains committed to being the one pension administrator that can be trusted by its members and to continue declaring competitive returns as it has in the past ten years.

NICO Group has donated K1,980,000.00 to Public Universities Staff Sports Association of Malawi (PUSSAM). The funds will go towards the association’s training sessions for its executive members. As a leading financial institution in Malawi, NICO Group believes in empowering its potential and existing clients to make sound financial decisions. NICO Pension Head of Operations, Mwawi Nkhonjera, said this sponsorship shows the well cemented partnership between NICO Group and public universities in Malawi. “Subsidiaries within The Group are and have been involved with tertiary institutions for years. We value the relationship we have with these institutions be it through students, the administration or the tutors,” Nkhonjera said. She further encouraged the executives of the association to make use of the lessons at the training session to effectively run sporting and recreational activities for their members. PUSSAM Vice President Dr. Bhekuzulu Khumalo said the donation by NICO is timely. “With this donation, we will be able to cover various costs guaranteeing a successful two-day training session. NICO Group is a major partner in our activities, and we appreciate the relationship we have with them,” Dr. Khumalo said. The first training session for the PUSSAM Executives has been slated for 28th: 29th April 2022 and will include presentations by NICO Life and NICO Pension, two of nine subsidiaries of NICO Group. The NICO Group is committed to playing its part in all the sectors that it operates in.

NICO Life has launched a funeral policy targeting Malawians in Diaspora aptly named, Kumudzi Diaspora Funeral Plan as a way of easing the dignified repatriation and burial after the death of individuals living abroad. The Kumudzi Funeral Plan will pay out a cash benefit between K1 million and K5 million for funeral expenses following consistent monthly premiums of K6,500 to K30,000. NICO Life Chief Executive Officer, Eric Chapola, said the company strives to ease the pressure of all Malawians regardless of where they are in the world. “We understand that the loss of a loved one is tough, and even more so when the death occurs outside Malawi. The Kumudzi Diaspora Funeral Cover ensures that your loved ones have a dignified funeral without the stress of funding,” Chapola said. He added that the plan has been designed to be flexible enough for the benefit of those left behind. “At NICO Life, we understand the need to lay loved ones to rest with dignity. We are prepared to shoulder the burden of funeral expenses as you get the chance to pay your last respects with dignity,” he added. The Kumudzi Diaspora Funeral Plan will be available through, WiseChoice Insurance Agency, a digital online insurance agency. WiseChoice’s Chief Executive, Mr. Benson Mapereka, applauded the development, adding that the policy will be of benefit to many. “It is often heartbreaking to hear of the challenges associated with repatriation and burial when a death occurs outside one’s country. The Kumudzi Diaspora Funeral Plan has been introduced to ease those challenges”, Mapereka said. The funeral plan accommodates up to 10 immediate and extended family members including the principal member. Premiums can be paid directly from oversees, through local banks and through money transfers. As one of the oldest life insurance providers in Malawi, NICO Life values the commitment it made to being reliable in easing the lives of its clients. WiseChoice will also promote other NICO Life products digitally which will be available to Malawians living locally and internationally.

NICO Group has delivered its promise of flying winners of it’s The ONE Executive Golf Challenge on an all-expenses-paid golf trip to South Africa. As part of its 50th anniversary celebrations, NICO Group held golf tournaments in October and November 2021 in Blantyre and Lilongwe respectively. The tournaments were a platform that enabled NICO Executives to interact with various business officials outside the Group. A team led by NICO General Chief Executive Officer, Donbell Mandala, emerged the overall winner and were awarded the all-expenses-paid trip. Mandala described the trip as an enjoyable experience for him and his two team members: Samson Mwale and Nestor Msowoya. “We had an enjoyable weekend. The golf tournament, the scenery, and the game drive were absolutely beautiful,” Mandala said. He added that the trip was also a perfect opportunity to interact with executives from outside Malawi. “Golf presents an opportunity for networking. We played with different people and have been able to form long lasting relationships that will benefit our businesses”, Mandala added. Sam Mwale reiterated Mandala’s sentiments, adding that NICO has set the tone for celebrations in Malawi. “This was a wonderful experience. We enjoyed ourselves and the opportunity this presented for us to engage with other golfers in South Africa,” Mwale said. The team played golf on the Rustenburg Golf Course on 26 March and on Gary Player Golf Course on 27 March followed by a game drive at Centre Bay. NICO Group has ran activities to commemorate its 50th anniversary since 2021 and has committed to continue being The ONE financial solutions provider that secures lifetime experiences. This commitment was echoed during its grand 50th gala in Blantyre on 18th March this year.

NICO Group has donated K2.5 million to the National Commission for Science and Technology (NCST) for the launch of the operationalization of the Science and Technology Fund as a contribution towards advancement of science, technology, and innovation in Malawi. The company, which commemorated its 50th anniversary in 2021, believes that technology plays a huge role in a rapidly evolving and demanding world. NICO Technologies CEO, Clarence Gama, said that this was the beginning of a long-term relationship that would see meaningful advancement in the ICT sector in Malawi. “We now live in a world that is constantly demanding technological solutions to modern day problems. As a leading ICT service provider in Malawi, we believe that this fund is a milestone in the drive to find the solutions to these problems,” Gama said. He added that the players in the ICT sector have been resilient in growing the industry and it is encouraging to see that the government is in full support of these players. “The government has for the first time included Science and Technology in its financial budget by appropriating K291 million to the sector. This gesture alone is very encouraging to players such as NICO Technologies,” He added. Apart from the monetary support, NICO Asset Managers will provide free advisory services on setting up a successful Endowment Fund including advice on fund Policy, Investment Strategy, Fund Governance and Fund Growth. NICO Asset Managers Chief Investment Officer, Daniel Dunga reiterated Gama’s sentiments, adding that investing in the sector would contribute to economic growth. “Science and Technology provide numerous leads to the growth of any nation. Investing in this fund is a step in the direction towards that growth and with the necessary financial information, guidance and drive, this fund will definitely meet all its intended goals,” Dunga said. NCST Vice Chairperson of Board of Commission for NCST, Dr. Cecelia Maliwichi-Nyirenda, said the commission appreciates NICO’s donation as they would be a key player in the running of the fund. “This donation is quite timely, and we believe that this is the beginning of a fruitful partnership. Having already operated in Malawi for over 50 years, we are sure that NICO Group, through its subsidiaries, has a clear understanding and suggestions on how we can meaningfully use the fund,” Dr. Maliwichi-Nyirenda said. The fund has been established under the Science and Technology Act Number 16 of 2003 and will enable the attainment of both the MW 2063 and UN SDGs 2030.

NBS Bank plc has weathered the Covid-19 storm by reporting a 55 percent increase in half-year profit to K4.4 billion from K2.8 billion during the same period last year.NBS Bank plc has weathered the Covid-19 storm by reporting a 55 percent increase in half-year profit to K4.4 billion from K2.8 billion during the same period last year. In a joint statement accompanying a summary of unaudited consolidated results for the six months ending June 30 2021, the Malawi Stock Exchange-listed bank said it navigated challenges presented by Covid-19 to deliver a robust financial performance through continuous focus and implementation of its five-year strategy aimed at accelerating digital transformation, building a strong balance sheet and enhancing efficiencies. The results show that net interest income grew by 10 percent compared to a similar period last year, largely due to the growth of the loan book and effective management of investments in money market instruments. “On the other hand, non-interest revenue registered a growth of 35 percent on prior year performance on the back of some once-off income and cash flows,” reads the statement jointly signed by NBS Bank plc chief executive officer Kwanele Ngwenya, board chairperson Vizenge Kumwenda, director Matthews Mtumbuka, and chief finance officer Vera Zulu. The bank said it has made good progress on the implementation of its five-year strategy, which places digital offering at the centre of the vision for superior customer experience which has increased transaction volumes and income growth. “Operating expenses registered three percent growth on prior year due to planned investments in our operating systems and increases in revenue generating transactional expenses,” reads the statement. The financial results show that the bank registered a 26 percent growth in customer deposits during the half-year period. The bank registered a 13 percent growth of customer deposits, 61 percent in money market investments, but loans and advances decreased by three percent due to planned repayments of seasonal facilities. NBS Bank said it will continue to monitor developments and changes in the monetary policy to mitigates risk on performance and continues to be resilient in its performance and upbeat that its turnaround journey continues in full force despite the current challenges in the operating environment. The board of directors of the bank have recommended an interim dividend of K1.75 billion, representing 60 tambala per share. This is a rise from K1.3 billion or 45 tambala per share during the same period last year.