In its endeavor to continue providing relevant, affordable and innovative financial solutions to its customers, NICO Group has incorporated NICO Pension and NICO Capital into its stand-alone subsidiaries.

NICO Pension is to be delinked from NICO Life while NICO Capital has been hived off from Asset Managers to focus on capital raising initiatives for clients as well as for the Group.

This is for future growth going forward after 50 years of existence of providing general and life insurance, pension administration services, banking, asset and capital management and infrastructure development and property management services.

This was announced by NICO Group’s Board of Directors chairman, Gaffar Hassam during a virtual annual general meeting on Friday, which approved the Group’s 2020 financial report and dividend declaration for shareholders.

NICO Pensions General Manager, Gerald Chima (far left) and Dr Arox Kamng'ona (Far right) with the three beneficiaries in the middle

The NICO Group has donated laptops to female students at Kamuzu University of Health Sciences (KUHeS), formally known as College of Medicine, in a bid to assist the students with their online lessons.

This follows similar donations to Malawi University of Science and Technologies and Malawi University of Business and Applied Sciences, formally known as The Polytechnic, made earlier this year.

NICO General CEO, Donbell Mandala (Centre) showing the Acting District Commissioner for Karonga, David Gondwe (Far left) around the office.

NICO General has today opened an outlet at Songwe Border, in the Northern Region of the country, as a way to reach out to clients within the border outreach.

With the border being a high traffic area for cars that have recently been bought, the new office makes purchase of ACT, Third Party and Comprehensive Insurance at port of entry a possibility.

NICO General Chief Executive Officer, Donbell Mandala, said the new office in Karonga is in line with NICO’s value to always serve clients in the best way possible.

“Our duty is not just to be of service to our clients, but to be of the best service. This office will not only cater clients whose vehicles have just entered the country, but even those that live in surrounding areas,” Mandala said.

NICO Pensions General Manager, Gerald Chima and Polytechnic Acting Principal, Associate Professor Nancy Chitera.

NICO Pensions has donated K4million to the University of Malawi – The Polytechnic to be used for the purchase of laptops for needy students at the institution.

This follows a similar donation to Malawi University of Science and Technologies made in March.

The donation further emphasizes NICO’s commitment to serving in the education sector.

NICO Pensions has relaunched the Ufulu Unrestricted Fund, for individuals, the self-employed and employer sponsored members.

The fund is designed to provide an avenue for investment of pension funds to provide income in retirement.  The fund is available where one has left employment and would like to preserve their benefits away from their employer’s restricted pension fund. It also provides an alternative for trustees of a restricted pension fund who want to encourage former employees to transfer out of the fund.  Employees may also wish to exercise their choice to place their benefits away from the employers’ restricted fund.