Deputy governor Mary Nkosi retires from Reserve Bank

Long-serving Reserve Bank of Malawi (RBM) deputy governor Mary Nkosi retires from the central bank tomorrow after 10 years of service that saw her working under four governors and three heads of state.

Meanwhile, RBM will today host a cocktail reception at its premises in Lilongwe to bid farewell to Nkosi who was Malawi’s first f emale dep u ty governor of the central bank.

Nkosi, who joined RBM in April 2003, confirmed her retirement in an interview on Thursday, describing her time at the central banks as a great learning experience.

“As somebody who was coming from the commercial banking sector, it was a different experience to work as a regulator and I found myself in a good position to understand banks,” said Nkosi.

She said she also got a lot of exposure to global financial issues through the central bank.

Nkosi said she had an immediate plan of what to do after her time at RBM – which she could not reveal but disclosed that her lifetime wish remains to open a business advisory centre where she could assist people in the management of their businesses.

“Having worked in the bank industry for decades, I have worked with many business people and saw how they do business. I believe I now have a lot of knowledge and experience to share,” said Nkosi.

Nkosi joined RBM under the government of President Bakili Muluzi and has deputised governors Elias Ngalande, Victor Mbewe, Perks Ligoya and Charles Chuka.

She was maintained in the position under presidents Bingu wa Mutharika and Joyce Banda. A recently restructuring process saw Nkosi joined by two other deputy governors – Naomi Ngwira and Grant Kabango with her getting a specific portfolio of deputy governor responsible for operations.

She previously worked at Fincom, now known as Nedbank – where she rose to the position of managing director, and National Bank of Malawi for over 30 years in various banking positions.

RBM spokesperson Ralph Tseka in a statement, described Nkosi’s service at RBM as illustrious and most enviable.

“She leaves behind a legacy as a distinguished banker, first female deputy governor, the first two-term deputy governor, a person who has served diligently and selflessly and a very humble individual,” reads Tseka’s statement.