Financial services providers NICO Life Insurance Company Limited and NICO Pensions have announced major bonuses and investment returns for their customers, according to an April 13 report by Nyasa Times. The Ufulu Guaranteed Fund grew members' pension savings by 90 percent, and the Timasuke Unguaranteed Fund increased by 142 percent. Pensioners under the Tikolore With-Profit Annuity will receive a 60 percent increase in their monthly income alongside a one-time payment equivalent to seven months of their standard pension. Additionally, qualifying individual life policyholders with policies maturing between 2022 and 2024 will receive a 600 percent terminal bonus.
In broader macroeconomic news, the African Development Bank expects slower economic growth for Malawi, as reported by The Daily Times on April 13. In a move to support trade and supply chains, the Malawi government has lifted a previous ban on imports. The publication also reports that Old Mutual has partnered with the German development agency GIZ to provide support to micro, small, and medium enterprises across the country. Furthermore, a local firm has unveiled a new unified digital payment system designed to assist commercial transactions and improve financial access for Malawian businesses.