The Government of Malawi, through the Reserve Bank of Malawi (RBM), has launched the National Financial Literacy and Capability Strategy (2024-2030) in Lilongwe.
RBM Governor Wilson Banda said the strategy aims to improve financial literacy across the country, enabling more Malawians to access essential financial services.
“A lot needs to be done to reach the many Malawians unaware of financial services. This strategy addresses that gap,” said Banda.
The strategy involves collaboration between financial institutions and relevant ministries to ensure grassroots outreach.
“We are bringing together institutions that can connect with different segments of society,” Banda added, emphasising the need for broad cooperation. While the financial sector is developing, he noted that significant progress is still required, particularly with non-bank institutions.
In his remarks, Germany’s Deputy Head of Mission, Andreas Hartmann, commended Malawi’s efforts, saying, “Bridging the financial literacy gap is key for the future of all developing countries.”
Hartmann reaffirmed Germany’s commitment to supporting Malawi’s financial education through ongoing partnerships.
President of the Bankers Association of Malawi, Philip Madinga, highlighted improvements in financial inclusion, now at 88 percent. However, he emphasised the need for better convenience in banking services, saying, “We need to do more to improve convenience for our customers.”
RBM Governor Banda also addressed concerns about the recent Kwacha depreciation, attributing it to market speculation rather than actual currency shortages. He assured the public that Malawi’s financial sector remains stable and is meeting international monetary targets.
The strategy builds on previous initiatives, which have already shown positive results, with formal financial service usage increasing from 17 percent in 2014 to over 70 percent in 2023.
