Malawi has launched the Association of Digital Financial Services (ADFS), a national platform aimed at improving coordination among stakeholders in the digital finance sector and expanding access to secure and inclusive financial services.
The launch event, held in Lilongwe, brought together government institutions, financial service providers, consumer groups, and development partners.
Speaking at the launch, William Matambo, Deputy Governor of the Reserve Bank, said the creation of the association marks a key milestone in the country’s efforts toward financial inclusion, with the potential to extend digital services to more underserved populations.
On her part Fenella Frost, the UNDP Resident Representative in Malawi, noted that the association offers an opportunity to bridge the digital divide and reach remote communities through coordinated action and shared infrastructure.
Meanwhile William Kaunda, President of the new association, said ADFS will promote a shared agent model where one agent can serve multiple financial institutions to address gaps in coverage and reduce service duplication, especially in rural and hard-to-reach areas.
While digital finance in Malawi has grown significantly with over 10 million mobile money accounts and nearly half of all domestic payments now processed digitally issues like digital fraud, cyber security risks, and fragmented service delivery remain a concern.
The platform brings together the Reserve Bank of Malawi, MACRA, the Ministry of Finance, the Ministry of Gender, financial institutions, fintechs, consumer advocates, and development partners.
Strategic and financial support for ADFS is being provided through the Digital Finance for Resilience (DF4Res) programme, funded by the European Union and the Organization of African, Caribbean and Pacific States, and implemented by the United Nations Capital Development Fund (UNCDF).
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