Goals from former Wanderers forward Muhamad Sulumba and Chiukepo Msowoya in each half were enough for the the Peoples Team to underline their supremacy over the Wanderers, widely as the Nomads.
Bullets, who are TNM Super League defending champions, went into the game as the favourites having dominated their city rivals for the past two seasons.
Sulumba scored in early minutes of the game when he capitalised on Wanderers defender Kondwani Lufeyo's blunder while forward Chiukepo registered his name on the score sheet just before recess.
Both teams featured news faces.
Wanderers equally created a number of scoring opportunities, but failed to translate them into goals.
New faces that Wanderers featured include goalkeeper Nenani Juwawo, Felix Zulu, Peter Wadabwa and Nigerian Olasunkanmi Opeyemi, whereas Bullets featured goalkeeper Enerst Kakhobwe.
The inaugural Chifundo Shield Cup was organized by Football Association of Malawi (Fam) in partnership with the Malawi Blood Transfusion Service (MBTS).
The Shield Cup will be an annual event to help MBTS collect enough blood considering that football is a largely sport.
MBTS expects to collect at least 250 units of blood this year.
All the proceeds from the match were donated to Kamuzu Central Hospital.