By Suleman Chitera
29 September 2025: Leading payments provider, Visa celebrated the key industry players who are enhancing financial literacy and inclusion in Malawi at its first-ever awards ceremony for banks, held recently at the Hotel Sunbird Mount Soche in Blantyre. The event recognised the strategic contributions that banks are providing to empower Malawians with the knowledge and skills to make informed financial decisions.
According to the Malawi FinScope Consumer Survey 2023, access to formal financial services stands at 74%, while access to both formal and informal services reach 88%. The survey highlighted a notable urban-rural gap, with 93% of urban residents having access to formal financial services compared to 67% in rural areas[1]. These figures mark significant progress over time and emphasise the connection between financial literacy and practical access.
Across Africa, inclusion and financial literacy remain an ongoing challenge despite notable improvement in recent years. Many countries and rural communities particularly, see barriers such as limited formal financial institutions, low levels of digital and financial literacy, high transaction costs, and gender disparities to access. While mobile money and digital financial services have helped bridge some gaps, a large portion of the continent’s population still struggles to fully utilise financial products and services.
“As Malawi advances toward Vision 2063, digitized payments and financial education are proving to be powerful enablers of inclusive growth. We’re proud to support this journey by equipping individuals and businesses with the tools to thrive in a digital-first economy, and to celebrate the banks leading the way in financial literacy and economic empowerment”, said Pooja Vaya, Country Manager for Visa Malawi.
For Visa, it’s important to recognise the countries that are fast-tracking financial progress. Malawi’s recent achievement of 88% overall financial inclusion demonstrates that strategic initiatives such as community partnerships, youth programs, and digital literacy campaigns can make a tangible difference. These efforts equip individuals with the skills to budget, save, borrow responsibly, and invest wisely, ensuring financial services are used effectively.
“The event also marked a milestone for Malawi’s payments landscape, celebrating 1 million Cards-in-Force last quarter, a number approaching the country’s total banked population of 1.4 million. This achievement reflects the collective efforts of the banking industry, who continue to drive innovation and growth across the country,” added Vaya
The awards and winners
- Visa Premium Award 2025: National Bank of Malawi
- Visa Efficiency Award 2025: Standard Bank Limited Malawi
- Visa Innovator Award 2025: First Capital Bank PLC
- Visa E-Commerce Award 2025: Ecobank Malawi Limited
“Congratulations to all our nominees and winners. Each banking partner has played a significant role in expanding financial services in the country, said Vaya. “In fact, the National Bank of Malawi was the first banking institution to issue Visa cards in the country.”
As part of Visa’s ongoing commitment to promoting financial inclusion and literacy, Visa Spend Clarity for Business cards will be introduced in partnership with the National Bank of Malawi to enable payment and spend reconciliation with enhanced transaction flow insights and additional spend control, while Visa’s Tap to Phone solution has also recently launched, now live with First Capital Bank, providing businesses and consumers with more flexible and accessible digital payment options.
A word from the winners
“It’s such an honour to receive recognition from our long-standing partner, Visa,” said William Kaunda, Head of Digital Financial services from the National Bank of Malawi. “We’re looking forward to expanding our services for business customers, offering them even more value through the Spend Clarity initiative with Visa and continuing to see more Malawians included in the formal digital economy.”
It’s through a shared vision and commitment that we will see even more progress. “We are proud to partner with the institutions who share our goal to see Malawi – and Africa’s economy thrive,” Vaya concluded.
