NBS Bank

What NBS Bank does

NBS Bank plc is a Malawi-based commercial bank founded in 1970 (originally as New Building Society Bank), listed on the Malawi Stock Exchange under ticker NBS, and majority-owned (54.62%) by NICO Holdings Limited, a diversified Malawian financial services conglomerate. The bank serves retail consumers, SMEs, large corporates, agricultural value chains, and rural/unbanked populations through a multi-channel distribution model spanning service centres in Blantyre (HQ), Lilongwe, and Mzuzu, the Bank Pafupi agent network for rural financial inclusion, and digital platforms including EazyApp (mobile), EazyOnline (internet banking), EazyWallet, and an Open Banking API stack. Core banking runs on Oracle Flexcube, with the EazyBank Reloaded platform unifying cardless withdrawals, biometric onboarding, and integrations with TNM Mpamba, Airtel Money, and the Directorate of Road Traffic and Safety Services (DRTSS).

The product portfolio spans tiered retail current accounts (Silver, Gold, Platinum), savings and investment products, a digital lending suite (Kachangu Payday, Personal, Kenanso Top-Up, Overdraft, and Cash Covered loans), SME-specific products (Chiperegano, Zayela Business Loan, bid bonds up to MK200 million, SME Order Finance, SME Overdraft), and a dedicated Food and Agribusiness unit backed by a $5 million IFAD facility and a GIZ AgFin partnership. Specialized offerings include the Tidalirane group account for village banks (developed with UNCDF), Malawi Prison Service loans under a government MoU, and a NRB e-payment channel for national ID registration. Revenue is generated primarily through net interest income from a loan book that grew 136% in 2019, supplemented by transaction and processing fees, foreign exchange trading via NBS Forex Bureau, and digital banking service fees.

Following a 2017 turnaround strategy, the bank reported profit-after-tax of K18.9 billion in 2022 (up 146% from K7.7 billion in 2021), reached a K1 trillion market capitalization on the Malawi Stock Exchange in January 2025, and was recognized as Euromoney Best Bank in Malawi for three consecutive years (2018-2020). The bank operates exclusively within Malawi's domestic market, employs 501-1,000 staff, and is led by a newly appointed CEO as of 25 March 2025 following the transition of former CEO Kwanele Ngwenya to NICO Holdings.

Name

NBS Bank

Legal name

NBS Bank plc

Website

https://nbs.mw

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

501–1,000 employees

Short description

NBS Bank plc is a Malawi-listed commercial bank majority-owned by NICO Holdings, serving retail, SME, corporate, agricultural, and rural customers through branches, Bank Pafupi agents, and digital channels (EazyApp, EazyBank, Open Banking) with specialized lending products.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Lending & Credit Disbursements (FSAMAKAH)

akta.pro secondary industries

Agricultural & Rural Development Banks (FSABAKAE), A2A Collections & Direct Account Funding (FSAMAFAH)

Keywords

• Retail banking services
• Commercial banking Malawi
• Digital banking platform
• Agency banking network
• Agricultural finance lending

Headquarters

HQ city

Blantyre

HQ country

Malawi

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Interest earned from loan portfolio (personal loans, mortgages, vehicle finance, SME loans, agricultural loans) and money market investments. The loan book grew 136% in 2019 and continued aggressive growth in subsequent years. Net interest income grew 103% in 2019 and 10% in H1 2021.
2. Transaction and Processing Fees: Fees earned from customer transactions including ATM withdrawals, transfers, account maintenance, and digital banking services. Non-interest income decreased 13% YoY in 2019 due to reduced transaction volumes but showed 35% growth in H1 2021.
3. Foreign Exchange Trading: Revenue from NBS Forex Bureau operations through currency exchange trading. Part of the non-interest income stream.
4. Digital Banking Services: Revenue from digital channel transactions, mobile banking usage, and digital loan products through Kachangu platform.
5. Agricultural Finance: Specialized lending to farmers and agri-businesses through partnerships with IFAD ($5M loan facility) and GIZ AgFin Project, supporting tea and macadamia farmers with long-term financing.
6. Village Banking Services: Tidalirane group accounts for village banks with soft loans, dual control features, and agent-based cashout services.

Pricing tiers

Go-to-market motion4 records

Distribution channels9 records

Marketing channels8 records

Core offering

NBS Bank is a Malawi-based commercial bank offering retail, SME, corporate, and agricultural banking services through physical service centres, a Bank Pafupi agent network, and the EazyBank digital platform (EazyApp, EazyOnline, EazyWallet). Its core offerings include tiered current and savings accounts, fixed deposits, the Kachangu digital lending suite, mortgages, vehicle and asset finance, corporate treasury and overdraft facilities, SME financing, and a dedicated Food and Agribusiness unit. Open Banking APIs and mobile money integrations extend its reach across Malawi.

Product overview

NBS Bank is a commercial bank offering a comprehensive suite of banking products organized around a digital-first strategy. The core digital platform is EazyBank Reloaded, which unifies mobile (EazyApp on iOS/Android), internet (EazyOnline), and cardless services. The Bank serves retail customers through tiered account products (Silver, Gold, Platinum), digital lending (Kachangu suite for payday, personal, overdraft loans), and savings products (EazyTransact, Eazycivil, Student accounts). Corporate and SME clients access services including Chiperegano and Zayela business loans, Food and Agribusiness financing, and SME overdraft facilities. Agency banking extends reach via the Bank Pafupi network. Open Banking integrations connect the platform to TNM Mpamba, Airtel Money, DRTSS government services, and NRB national ID registration. Security features include biometric verification (fingerprint and facial recognition) for customer onboarding.

Differentiator

Problem solved

Functional benefit

Brands

• EazyBank: Digital banking platform including EazyBank Reloaded, internet banking, and mobile app services
• EazyApp
• EazyWallet
• EazyOnline
• EazyMobile
• Bank Pafupi
• Kachangu
• Tidalirane
• EazyTransact
• Chiperegano

Products and services

• Personal Current Accounts (Silver, Gold, Platinum) Tiered current account portfolio for individual customers: Silver Bundled and Unbundled Current Account, Gold Current Account, and Platinum Transactional Account, offering progressively enhanced features and benefits.
• Personal Savings and Investment Accounts Savings and investment products for individuals including EazyTransact Bundled and Unbundled Account, Student Account (Khenge), Eazycivil Savings Account, Diaspora Transactional Account, Diaspora Investment Account, Classic Investment Account, Recurring Deposit, and 1-12 Months Fixed Deposit.
• Kachangu Digital Lending Suite Digital lending products accessible via mobile and digital channels: Kachangu Payday Loan, Kachangu Personal Loan, Kachangu Kenanso Personal Loan (Top Up), Kachangu Overdraft Loan, and Kachangu Cash Covered Loan. Customers can apply and access funds within minutes digitally.
• Personal Loans and Mortgages Personal credit products including Personal Loan, Employer Supported Loan, Cash Covered Loan, Pay Day Loan, Mortgage, Vehicle Asset Finance Loan, and Construction Mortgage for individual customers.
• EazyBank Digital Banking Platform Unified digital banking platform comprising EazyApp (Android and iOS mobile app), EazyOnline (internet banking), EazyWallet (digital wallet), Pay by Link, cardless withdrawals, and biometric ID verification for personal and corporate customers.
• Bank Pafupi Agency Banking Agency banking network enabling cash deposits, withdrawals, loan repayments, and account opening through local agents in rural and underserved areas of Malawi, with partners AGORA and Post Dot Net.
• Tidalirane Group Transactional Account Specialized group transactional account for village banks featuring dual control, mobile authorization, Bank Pafupi agent access, soft loans without collateral, and real-time SMS notifications to all group members. Developed with UNCDF.
• Corporate Banking Services Wholesale and corporate banking products including EazySweep Investment Account, Corporate Current Account, Corporate Overdraft Facility, Asset Finance Loans, Staff Motor Vehicle Loan Scheme, Insurance Premium Finance, and Mortgage facilities for large corporate and institutional clients.
• SME Banking Services SME-focused accounts and lending products including Individual Business Savings Account, Small and Medium Enterprise Savings Account, Associations/Clubs/NGOs/Trust Current Account, Medium Enterprise Current Account, Chiperegano Investment Account, Retail SME Savings Account Bundled, Chiperegano Loans, SME Loan, SME Order Finance, SME Overdraft Facility, and Zayela Business Loan. Includes bid bonds up to MK200 million without collateral.
• Food and Agribusiness Banking Specialized agricultural value chain financing for farmers, farmer organizations, and agri-businesses, including long-term financing for tea and macadamia farmers through a $5M IFAD loan facility, GIZ AgFin Project support, and RaboBank technical advice. Targets 10,000 farmers and 200 agri-businesses.
• Open Banking Platform API-based open banking platform allowing third-party financial service providers to connect with NBS Bank systems for payments and data sharing. First key partner is the Directorate of Road Traffic and Safety Services (DRTSS).
• International Trade Finance Trade finance services supported by a $7 million African Development Bank Trade Finance Transaction Guarantee facility, providing 100% guarantee to international confirming banks. Supports SME, corporate, and women-led business imports and intra-Africa trade under AfCFTA, expected to support $40M of trade over 3 years.
• NBS Forex Bureau Foreign exchange bureau services operated through subsidiary NBS Forex Bureau Limited, providing currency exchange and contributing to non-interest income.
• Bancassurance Services Bancassurance offerings distributed through NBS Bank's branch and digital channels in partnership with NICO Group insurance entities.
• Pay by Link Digital payment service allowing businesses and individuals to generate payment links for receiving funds remotely, part of the EazyBank suite.
• Mobile Money Interoperability Services Integration services enabling customers to transfer funds between NBS Bank accounts and TNM Mpamba (*444# and *322# USSD) and Airtel Money mobile wallets.

Quantifiable outcome

• 146% Profit-After-Tax growth (2022 vs 2021: K7.7B to K18.9B)
• +4 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature10 records

Partnerships

17 partnerships are on record, tiered minor, flagship and core.

• MITC (Malawi Investment and Trade Centre)minorGTM or Marketing Partner · 10 May 2024K3.1 million sponsorship for Malawi-India meeting supporting international trade and investment promotion aligned with Malawi Vision 2063. Indian delegation of 34 members exploring healthcare, agro-processing, textile, cement, and fertilizer investment opportunities.
• Groundnut Farmers (Malawi)minorStrategic or Co-development Partner · 2 May 2024Commitment to supporting groundnut farmers as part of agricultural sector strategy. Partnership provides financing and market access support for smallholder groundnut producers.
• World Food Programme (WFP)minorStrategic or Co-development Partner · 22 December 2023Social cash transfer partnership disbursing K150,000 to 2,000+ Cyclone Freddy victims in Phalombe district. NBS Bank processes payments while Circle for Integrated Community Development (CICOD) handles beneficiary identification. Program runs October through March covering lean season food insecurity.
• MDF (Malawi Defence Force)flagshipGTM or Marketing Partner · 3 November 2023Fourth consecutive year as headline sponsor for MDF War Veterans Thanksgiving Golf Tournament. Raised funds for refurbishing war veterans memorial homes in Zomba. NBS Bank committed to continue sponsoring 'forever' and providing financial solutions to MDF retirees.
• Malawi Red Cross SocietyminorGTM or Marketing Partner · 1 November 2023Cyclone Freddy relief partnership with FAM and Malawi Red Cross. Four houses built using Charity Shield and AFCON qualifier proceeds, handed over to displaced families in Chiradzulu district.
• Moroccan EmbassyminorStrategic or Co-development Partner · 21 October 2023Partnership for personalized financial solutions for Moroccan expatriates and embassy staff. Commemoration of Throne Day with commitment to enhance services for international community. Morocco supports Malawi MW2063 goals through bilateral cooperation.
• Atlas Medical CentreminorStrategic or Co-development Partner · 18 October 2023Breast cancer awareness partnership where NBS Bank uses its customer base and social media platforms to promote free breast cancer screening services at Atlas Medical Centre. Targeting 400 women for screening during October Breast Cancer Awareness Month.
• Bankers Association of Malawi (BAM)minorGTM or Marketing Partner · 18 August 2023K5 million sponsorship for BAM annual lake conference in Mangochi under theme 'Banks for All and Development for All'. Supports industry networking and policy discussions.
• Mary's MealsminorGTM or Marketing Partner · 30 May 2023K20 million commitment over 4 years to Mary's Meals school feeding programme at Mlambalala Primary School. Supports feeding of at least 1,000 children per school year. Mary's Meals operates in 24 districts feeding 1.1 million children nationally.
• Malawi Prison ServicecoreStrategic or Co-development Partner · 1 May 2023MoU for convenient access to NBS Bank loans for MPS officers with flexible terms, Easy Civil Account for civil servants, Smart Finance for goods procurement, vehicle financing, and mortgages. Partnership includes financial literacy training and retirement planning advisory services.
• NRB (National Registration Bureau)coreStrategic or Co-development Partner · 1 May 2023MoU for digital payment systems for national identity card registration. NBS Bank provides e-payment solutions allowing citizens to pay for ID cards through mobile platforms, Bank Pafupi agents, and service centres. Software reduces registration time from 40 minutes to 3 minutes. Money transfers directly to NRB account at Reserve Bank of Malawi.
• Football Association of Malawi (FAM)flagshipGTM or Marketing Partner · 19 April 2023Renewed partnership for Charity Shield sponsorship with increased package from K15 million to K20 million. FCB Nyasa Bullets vs Mighty Mukuru Wanderers match proceeds go to cyclone Freddy survivors. NBS Bank also provides team kits (valued at K5M+) to both teams.
• Shaping Our Future Foundation (SOFF)coreStrategic or Co-development Partner · 7 June 2021Girls mentorship programme championed by First Lady Monica Chakwera. NBS Bank and NICO Group provide 10 mentors (Managers and HODs) to mentor two girls each for one year. Focus on goal setting, accountability, and academic excellence. Includes scholarship and bursary support for secondary school girls.
• GIZ (Gesellschaft für Internationale Zusammenarbeit)coreStrategic or Co-development Partner · 9 April 2021AgFin (Agricultural Finance) project commissioned by German Federal Ministry for Economic Cooperation and Development (BMZ). GIZ provides capacity building for NBS Bank staff on agricultural sector specifics while NBS develops tailored banking products for small-scale farmers and agri-entrepreneurs. Target: 10,000 farmers and 200 agri-business enterprises.
• UNCDF (United Nations Capital Development Fund)coreStrategic or Co-development Partner · 1 December 2020Tidalirane Village Bank account development partnership. UNCDF selected NBS Bank based on financial inclusion experience. Account features dual control, mobile authorization, Bank Pafupi access, and soft loans without collateral for village bank groups. No monthly fees; interest paid on balances.
• TNM MpambacoreTechnology or Integration · 13 September 2020Integration between NBS Bank's EazyMobile platform and TNM Mpamba mobile money platform enabling customers to transfer funds between bank accounts and mobile wallets. Dial *444# for Mpamba to bank transfers and *322# for bank to Mpamba transfers. Partnership provides convenience for mutual customers to transact anytime without visiting bank branches.
• FARMSE (Financial Access for Rural Markets, Smallholder and Enterprise)coreStrategic or Co-development Partner · 1 January 2020Agency banking project through Bank Pafupi agents bringing banking services to rural communities. NBS Bank registered 116 agents and opened 20,000 accounts in first 5 months. Target: 1,000 agents and 50,000 accounts by 2022. Partnership with AGORA and Post Dot Net as agent partners.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Regional players

• Letshego Africa Holdings: Pan-African inclusive finance group operating across multiple African markets including Malawi. Comparable for consumer credit and SME lending products targeted at salaried and micro-entrepreneur segments, similar to NBS's Kachangu and Chiperegano digital loan suites.
• Ecobank Malawi: Subsidiary of pan-African Ecobank Group with presence across the continent. Comparable for cross-border trade finance, corporate banking, and remittances, complementing NBS's diaspora and AfDB-backed trade finance offerings.
• CDH Investment Bank: Malawi-based bank within the CDH Holdings group, with corporate banking, treasury, and investment management offerings. Comparable as a Malawi-focused financial services peer though more weighted to corporate/institutional than retail than NBS.

Direct peers

• National Bank of Malawi: One of Malawi's oldest commercial banks offering retail, SME, and corporate banking. Direct competitor with similar product breadth (current accounts, loans, digital banking) and shared focus on serving Malawi's deposit and lending market.
• FDH Financial Holdings: Malawi-listed financial services group with FDH Bank offering retail, SME, and corporate banking plus microfinance. Direct competitor on the Malawi Stock Exchange with overlapping digital banking and agency banking strategies targeting unbanked segments.
• First Merchant Bank Malawi: Malawi-registered commercial bank offering retail, corporate, and SME banking. Direct competitor with comparable product suite and customer segments, including digital banking and SME lending focused on the Malawian market.

Broad incumbents

• Standard Chartered Bank Malawi: Subsidiary of Standard Chartered PLC focused on corporate, institutional, and affluent retail banking. Comparable on the corporate and trade finance side, including cross-border transactions supported by facilities similar to NBS's AfDB $7M trade finance guarantee.
• Standard Bank Malawi: Subsidiary of Standard Bank Group, the largest bank in Malawi by assets. Directly comparable as a full-service commercial bank serving retail, SME, corporate, and agricultural clients with digital channels, competing head-to-head with NBS in deposit and lending markets.
• ABSA Bank Malawi: Subsidiary of Absa Group offering commercial and retail banking in Malawi. Comparable in offering corporate banking, SME lending, mortgages, and digital channels; competes with NBS in the upper-tier retail and corporate segments.

Emerging players

• Opportunity International Bank Malawi: Microfinance-oriented bank focused on financial inclusion for SMEs and rural borrowers in Malawi. Comparable with NBS's Tidalirane and Bank Pafupi rural financial inclusion strategy, though smaller and more narrowly focused on microfinance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/nbsbankmw
• Facebookfacebook.com/nbs.malawi
• LinkedInlinkedin.com/company/nbs-bank-malawi
• Instagraminstagram.com/nbsbankmw

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NBS Bank