LILONGWE-(MaraviPost)-The country’s central bank, Reserve Bank of Malawi (RBM) says will make use of Working group’s recommendations from the just opened long week ongoing Alliance for Financial Inclusion (AFI) conference in the capital Lilongwe for economic growth.
RBM Governor Dr. Wilson Banda hinted that the conference supports the agenda of increasing the availability of affordable and quality financial services that are provided by sound, responsible, and innovative financial institutions to the populace.
The Governor observes that the revised National Strategy for Financial Inclusion, Malawi has committed to increase access to formal financial services to 75 percent from 46.1 percent of the adult population by 2027.
“The increase in access to financial services is expected to create economic opportunities and contribute to wealth creation and poverty reduction,” he said.
Banda added that the concept of financial digitalisation has proven to be a key pillar for financial inclusiveness especially during the pandemic era.
“With this backdrop underpinning Malawi’s digitilisation agenda, a Digital Financial Services (DFS) Policy was embedded in different legislations to enhance the use of digital infrastructure, and consequently support the emergence and growth of fintech,” he said.
On women financial inclusion, the Governor disclosed that the bank has spearheaded various initiatives including development of a Gender Inclusive Finance Roadmap under AFI’s in-country initiative grant.
This year’s Alliance for Financial Inclusion (AFI) conference has attracted delegates from 43 countries across the global including members from Consumer Empowerment and Market Conduct Working group, Financial Inclusion Strategy and Peer Learning Working Group and Financial Inclusion Data Working Group.