CFTC fines Standard Bank MK100 million, FDH Mk200 million
Published on June 8, 2026 at 5:03 PM by Robert Ngwira
The Competition and Fair Trading Commission (CFTC) has slapped Standard Bank with a fine of MK100 million over failure by the bank to disclose material information regarding a customer’s loan.
Standard Bank is among six companies that have been fined for violating competition and consumer protection laws.
Speaking during a media briefing in Lilongwe, CFTC Chief Executive Officer Desmond Kaunda said the decisions were made during the 75th meeting held on 8 May 2026.
Kaunda said the fines are totaling to MK361 million while six other companies have been orderd to refund the consumers
The Commission adjudicated 14 cases of alleged anti-competitive and unfair trading practices, closing three at the preliminary stage due to lack of merit or early resolution.
According to Kaunda,Standard bank had unilaterally extended a three-year loan to five years due to a system error, leading to deductions beyond the agreed repayment period.
Meanwhile FDH Bank has received the largest penalty of MK200 million for misleading conduct and unconscionable practices related to Keyman insurance on a MK150 million facility.
The bank was found to have removed and altered insurance terms without disclosure, made unexplained deductions and denied indemnification after the Keyman’s death.
The CFTC has since ordered FDH to refund MK120.2 million plus interest, reverse overdraft charges and repay MK200,000 erroneously deducted.
Fertilizer supplier Nitro Phos Limited has been fined MK50 million for supplying defective CAN fertilizer that caused crop failure for farmers across multiple districts.
The Malawi Bureau of Standards confirmed that certain batches failed to meet nutrient and moisture specifications.
CTS Courier Services has been penalized with MK5 million after losing consumers’ items worth MK815,000 and failing to provide redress.
The Commission ordered the company to refund the full market value of the lost goods and the original courier charges.
Modern Dry Cleaners has been fined MK3 million for damaging clothes valued at MK1.46 million and offering inadequate compensation based on a contract clause limiting liability.
