Rabobank Group

Rabo Development paired up with the First Merchant Bank of Malawi (FMB) in 2008, as its advisor under a grant offered by the International Finance Corporation. The IFC is a Rabobank partner. As part of the World Bank, it promotes sustainable private sector development in developing countries.

Becoming the people’s bank in Malawi
First Merchant Bank of Malawi (FMB) 

Under the IFC development programme, which delivers liquidity and technical assistance to African banks, Rabo Development helped FMB to establish its retail banking operations. We put our expertise and knowledge of the retail banking sector to work for FMB by deploying a resident advisor, working side by side to help adapt its strategy towards this new customer group.

FMB is among Malawi’s leading banks, with over 30 branches,  and is listed on the Malawi Stock Exchange. As a traditional commercial bank it offers  a full range of banking services to the wholesale market, such as corporate finance, asset management and secretarial services. Targeting the SME, agricultural and retail sectors has increased FMB’s customer base to 75,000 clients.

For FMB’s new retail business, we helped develop new products and banking channels, such as FMB Payroll Service. This enables employers to directly deposit employees’ salaries into their bank accounts. FMB is pioneering this efficient  low-cost service, which is helping to professionalise banking in Malawi.

The FMB Fast Account, launched in mid-2010, is making banking more accessible and further positions FMB as a bank for the Malawi people.  For the first time, Malawians can open a basic customer account on the spot with a FMB sales agent. 

We also helped FMB introduce uniform risk assessment methodology.

While our advisory services officially ended in 2010, we expect to stay close to FMB and will continue to support its future development where possible.