A successful commercial bank that started in a city that was founded in 1876 through the missionary work of the Church of Scotland, presently known as the Church of Central Africa Presbyterian (CCAP) and was named after a city in Scotland, Blantyre in South Lanarkshire, the birthplace of the explorer and missionary, Dr. David Livingstone is celebrating its three decades of success.
This is a story not only about success and growth, it is a story of hard work, resilience, patience, and keeping a sharp focus on the goals.
From humble beginnings, First Capital Bank (FCB) is celebrating 30 years of achievement this month, marking the anniversary of its opening on 26th June 1995.
From its first branch in Blantyre, the bank has grown into a regional financial group operating in six countries with more than 100 branches. It now has a turnover of more than $300 million and is listed on the Malawi Stock Exchange (MSE).
“As a Bank with deep roots in Malawi, we take pride in our success both here in Malawi and regionally. It’s truly remarkable to think that this entire journey of growth and regional success began with just one humble branch in Blantyre,” noted FCB Chief executive Officer Agness Jazza.
The story began in 1994, when Malawi had only two major banks, prompting the then Reserve Bank of Malawi (RBM) Governor Dr. Francis Pelekamoyo to advocate for increased competition in the financial sector.
He encouraged the establishment of a merchant bank, a concept that was new to Malawi then. This led Malawian businessman and the bank’s founder, Hitesh Anadkat, to apply for a banking license.
In 1995, First Merchant Bank (FMB) was born. The first branch opened on 26 June at Delamere House, the most prestigious building in Blantyre at the time.
In its first 15 months of operation, the bank earned a profit of K5.5 million (about $360,000).
It had deposits of over K226 million and a strong balance sheet.
The bank steadily opened more branches in Malawi and in 2001 made its first acquisition – Leasing & Finance Company of Malawi.
Five years later, in 2006, FMB was listed on the Malawi Stock Exchange.
The bank embarked on its journey of regional expansion in 2008 when it established Capital Bank in Botswana. This milestone marked the beginning of a broader strategy to extend its footprint beyond Malawi’s borders.
Further growth followed in 2013 with the acquisition of International Commercial Bank’s operations in Malawi, Mozambique, and Zambia, laying the foundation for a truly regional presence.
The group made headlines again in 2017 when it bought Barclays Bank of Zimbabwe. This was a major step that expanded the bank’s footprint across the region.
In 2017, alongside the purchase of Barclays Bank of Zimbabwe, FMB made another significant acquisition back in Malawi — Opportunity Bank International – a move which further strengthened the bank’s foothold in its home country.
By this time, the group was operating under three distinct brand names in five countries.
Recognizing the benefits of unity and streamlined operations, the organization consolidated its operations under a single brand – First Capital Bank.
This strategic move not only strengthened its identity but also enhanced its ability to deliver consistent services and foster cross-border collaboration.
In 2018, First Capital Bank took another strategic step by establishing First Capital Shared Services in Mauritius, providing centralized support to all FCB operations, focusing on key functions such as technology, treasury, trade, back-office operations, risk and compliance.
Group Managing Director Jaco Viljoen notes that today, four of the bank’s five operating countries each contribute over 20% to the group’s overall performance—a testament to the strength and balance of its regional footprint.
“We have successfully spread risk and built robust cross-border services, making banking simpler and more accessible for our customers across the region. Throughout this journey, ‘Belief comes First’ has been more than a tagline—it has been our compass.
“It reflects our confidence in our people, our clients, and in the opportunities ahead. That belief continues to power everything we do,” shares Viljoen.
As it enters its fourth decade, FCB remains committed to building strong partnerships.
“We look forward to the years ahead. We want to keep growing with our customers, support their businesses, and strengthen the relationships we have built. We welcome new customers and will continue to be a trusted banking partner in the region,” assures Jazza.
From its humble beginnings at Delamere House, First Capital Bank carries the essence of Malawi in every milestone achieved over the past 30 years.
Though now a transnational financial operation operating across six countries, its foundation is firmly planted in Malawi’s soil.
“It’s truly remarkable to think that this entire journey of growth and regional success began with just one humble branch in Blantyre.”
Agness Jazza
FCB Chief Executive Officer
