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Malawi deserves easy access to financial investments — RBM

Reserve Bank Malawi (RBM) Governor, Dr Wilson Banda, has called upon players in the financial market to help the country grow its investments by easing access to finance for investors.

Banda was speaking on Saturday when opening the Financial Market Dealers Association (FIMDA) Annual General Meeting in Mangochi.

Banda said the contribution of local investments to Malawi’s GDP currently stands at 14 percent, which is comparatively lower than other countries, where investment contributions range between 20 to 30 per cent of GDP.

He noted that currently, the regulatory framework governing financial institutions is limiting as far as the growth of domestic investments and attraction of foreign investments are concerned.

“We need to have financial institutions that are working on generating more resources as capital mobilisation if we are to attain the Malawi 2063 pillar number 2, which is industrialisation. The financial market is key to this aspect. Banks and financial lending institutions have to also make access to finance easy for Small and Medium Enterprises,” he said.

The Central Bank Governor also hinted that authorities in the finance sector have to put incentives aimed at encouraging financial institutions to promote savings among their customers, thereby creating a formidable capital base for investments.

FIMDA Vice President, Davie Mwenechanya, said they realise their role as financial in helping the country achieve the Malawi 2063 agenda, hence their inclination towards the attainment of the three pillars of the goal.

Last year at its AGM, FIMDA centred their discussions around Agricultural Productivity and Commercialisation while this year, the AGM is being held under the theme ‘The Role of Financial Markets in Attainment of MIP 1: Pillar 2 : Industrialisation.’

 

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