Secretary to Treasury Betchani Tchereni has said financial inclusion is a key enabler of economic growth and social transformation.
Tchereni was speaking in Lilongwe during an Innovation Symposium organised by the Financial Access for Rural Markets, Smallholders and Enterprises (Farmse) and the International Fund for Agricultural Development (Ifad).
According to Tchereni, financial inclusion enhances productivity, empowers individuals, and allows them to contribute effectively to national development.
He said the Ministry of Finance remains committed to providing a conducive policy environment that facilitates an inclusive financial system.
The Malawi Government Financial Controller observed that Malawi has witnessed remarkable growth in financial inclusion, with the percentage of adults accessing financial services rising from 54 percent in 2014 to 88 percent in 2023, according to the latest FinScope Survey.
“We must focus on expanding access to credit, insurance, and investment products to ensure that rural communities can fully participate in the economy,” he said.
Tchereni observed that historically, financial service innovations were largely limited to urban areas but that the country now has compelling evidence that the innovations are penetrating rural communities, addressing long-standing barriers such as geographic distance, lack of suitable financial products, low income, high transaction costs, and financial illiteracy.
Ifad Country Manager Benedette Mukonyora said rural financial inclusion remains a fundamental pillar of sustainable development.
According to Mukonyora, in Malawi, where the majority of the population depends on agriculture and informal enterprises, access to appropriate financial services can significantly enhance productivity, resilience, and enhancement of livelihood.
She noted that while progress has been made, with Malawi’s financial inclusion standing at 88 percent of the adult population, gaps in the range and depth of available financial services remain a challenge.
“The responsibility of addressing these gaps does not rest on any single entity. It requires concerted efforts from governments, financial institutions, regulators, and development partners,” Mukonyora said.
Farmse National Programme Coordinator, Dixon Ngwende, said the symposium serves as a platform not only to reflect on the journey so far but also to highlight the innovative financial solutions that are bridging gaps and creating inclusive economic opportunities.
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