By Burnett Munthali
Secretary to the Treasury Betchani Tchereni has hailed innovations in the financial sector, which he said have helped to bolster financial inclusion in the country.
Tchereni was speaking in Lilongwe on Tuesday during an Innovation Symposium organised by the Financial Access for Rural Markets, Smallholders, and Enterprises (Farmse) in collaboration with the International Fund for Agricultural Development (Ifad).
He emphasized that financial innovations have played a critical role in bridging the gap for individuals who do not have the documentation traditionally required to open bank accounts.
These innovations, according to Tchereni, have enabled more Malawians to access financial services, particularly those in rural areas who often lack formal identification or collateral.
He stressed that financial inclusion is essential for empowering Malawians to actively participate in the country’s economic development.
Tchereni highlighted that when more people are integrated into the formal financial system, they can access credit, save money securely, and invest in economic activities that contribute to national growth.
He further commended stakeholders in the financial sector for embracing technology and alternative financial solutions to cater to underserved populations.
Ifad Country Manager Benedette Mukonyora echoed Tchereni’s sentiments, stating that rural financial inclusion remains a fundamental pillar of sustainable development.
Mukonyora noted that Malawi’s economy largely depends on agriculture and informal enterprises, making financial access a critical factor in improving livelihoods.
She pointed out that access to appropriate financial services can significantly enhance productivity, build resilience, and create opportunities for economic advancement.
Mukonyora further explained that rural communities need tailored financial products that align with their economic activities, such as farming and small-scale trade.
She encouraged financial institutions to continue developing innovative solutions that make banking and credit facilities more accessible to the rural population.
Both Tchereni and Mukonyora emphasized that strengthening financial inclusion requires collaboration among government agencies, financial institutions, and development partners.
They called for continued investment in digital financial services, microfinance programs, and community-based savings initiatives to ensure that no Malawian is left behind.
The symposium brought together experts from the financial sector, policymakers, and development organizations to discuss strategies for expanding financial access to marginalized communities.
Participants explored various models of financial innovation that have been successful in other countries and how they could be adapted to Malawi’s context.
The event underscored the importance of integrating financial literacy programs alongside financial services to help rural populations make informed economic decisions.
As Malawi continues to push for greater financial inclusion, stakeholders believe that leveraging technology and policy reforms will be key in achieving sustainable economic growth.
