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CFTC fines First Capital Bank MK2.4 million over customer’s stolen money

Competition and Fair Trading Commission (CFTC) has imposed a fine MK2.4 million to First CapitalBank over customer’s stolen money amounting to over K2 million.

Last month, faceofmalawi carried a story titled titled ‘Customer’s money amounting to Mk2 million vanishes at First Capital Bank’.

The farmer identified as Mr. Kitmass Ngoleka from Lumbazi Township is said to have made deposits – no withdrawal, only deposits – nine in total, and by 4 December 2020, his balance was K2,021,985.34.

The money was realized from maize sale.

Unfortunately the money vanished without his knowledge and when he enquired with the bank it was discovered that the money was siphoned using the following airtel numbers; +265 995 727 359, +265 995 798 051, +265 997 476 978,+265 995 276 446.

The bank distanced itself from the scandal and asked Ngoleka to take the matter to anywhere.

Ngoleka reported the matter to one of the social commentator Onjezeni Kenani who took the matter to the social media.

The matter attracted anger from the general public who asked the First Capital Bank to refund the farmer’s money or face unspecified action.

As this was not enough, CFTC also intervened on the matter and instituted an investigations on the matter hence the fine.

The bank has been ordered to pay back the K1.4 million and has also been fined K1 000 000.

Apart from FCB, CFTC has also fined 60 other companies.

Castel Malawi has been fined K500 000 for failing to honour prizes in a competition it aborted.

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Robert Ngwira
Robert Ngwira
Attended Our Future Private Secondary School in Rumphi from 2006-2009 Holder of Diploma in Journalism from Malawi Institute of Journalism (MIJ) Hobbies, reading newspapers, going out with friends, listening to radio and watching football. Email:

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