The banking industry in Malawi is facing a challenge as the number of people with bank accounts has dropped significantly from 27% to 13%.
According to Noel Mkulichi, Second Deputy President of the Bankers Association of Malawi (BAM), this decline is largely due to lack of funds among ordinary Malawians.
Speaking at the 2024 BAM Annual General Meeting, Mkulichi stressed the need for tailored financial solutions to empower Malawians economically. He recommended offering small-scale loans, credit, micro-insurance, micro-pensions, and micro-housing solutions to attract more people to the banking sector.
By doing so, Mkulichi believes the banking community can be retained and even expanded.
The meeting serves as an opportunity for finance sector leaders to brainstorm and develop innovative products that cater to the needs of Malawians, ultimately increasing banking industry participation.
