Shephard Bushiri confirm plan to open bank in South Africa

Post was last updated: February 15, 2016

Controversial Malawian prophet Shephard Bushiri has confirmed plans to open a bank and mobile phone company in South Africa where he is currently based.

He has since promised to explore investment opportunities in Malawi.

Bushiri, who was in Malawi last week to donate maize to various famine stricken communities in the country, confirmed in an interview with The Daily Times that both the bank and mobile phone company will open doors in March.

He said the bank will operate under the name SB Bank, with SB standing for Shephard Bushiri.

“The two investments are meant to help me earn some money which I must use to help reach as many people as possible across the world with the word of God,” said Bushiri.

He could, however, not disclose the amount of money he is pumping into the two ventures.

“All I can say is that it is a lot of money considering that I’m launching them in South Africa where the minimum requirements in terms of capital are high,” said Bushiri.

Bushiri, who claims to own three private jets, said he is also establishing a university in South Sudan.

On investing in Malawi, Bushiri said he will consider extending the footprints of both the bank and the mobile phone company in Malawi once they are fully established in South Africa.

“We will definitely come to Malawi. But at the moment, I’m concentrating on South Africa,” said Bushiri.

South Africa, which is in the process of embracing Basel III banking regulations, has more stringent regulations for banks in as far as capitalisation is concerned.

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