RBM Governor Calls for Faster Financial Inclusion as Old Mutual Launches OMFIN

Reserve Bank of Malawi Governor George Partridge has challenged financial service providers to intensify efforts to expand access to formal financial services, saying many Malawians remain outside the country’s mainstream banking and credit systems.

Partridge made the call in Lilongwe on Friday during the launch of Old Mutual Finance Limited (OMFIN), a newly established non-deposit-taking microfinance institution that marks Old Mutual Malawi’s entry into the credit market. The Governor said financial inclusion remains an important part of Malawi’s broader economic development agenda, particularly at a time when technology is creating new opportunities for people to access financial services.

However, he stressed that innovation and digital platforms alone would not guarantee sustainable financial inclusion, saying trust, customer protection and responsible business practices would be equally important.

“Technology can make financial services faster and more accessible, but it is responsible conduct, transparency, customer protection and sound governance that will ultimately determine whether customers trust and continue to use those services,” said Partridge.

The establishment of OMFIN expands Old Mutual’s financial services offering in Malawi, adding credit solutions to the Group’s existing presence in insurance, pensions and investment management. OMFIN General Manager Kisa Mwelefu Kalolokesya said the new institution will initially introduce two key products which are The Golden Reserve, an annuity solution linked to Old Mutual’s pensions business, and a payroll-based lending facility targeting employees in the private sector.

He said OMFIN’s lending approach will focus on responsible credit by assessing customers beyond the traditional requirement for physical collateral. The launch comes as Malawi’s financial services sector continues to evolve, with digital innovation increasingly creating opportunities to reach individuals and communities that have traditionally had limited access to formal financial products.