Reserve Bank of Malawi (RBM) Governor George Partridge has called for a stronger and more innovative banking sector to support Malawi’s industrialisation agenda and drive sustainable economic growth.
Partridge was speaking at the opening of the 11th Annual General Meeting of the Bankers Association of Malawi (BAM) currently underway in Mangochi District.
He noted that maintaining monetary and financial stability, strengthening supervision and encouraging responsible innovation are critical to ensuring the financial system supports businesses and households.
The central bank’s Governor has assured financial institutions that RBM will continue reviewing regulations to ensure they support industrialisation, while modernising payment systems and advancing regional payment integration.
Partridge also highlighted the need for financial institutions to strengthen resilience and risk management amid climate change and other emerging economic challenges.
BAM President Phillip Madinga emphasised that industrialisation requires stronger partnerships between banks and businesses.
He noted that access to finance remains a major constraint to industrial development and urged banks to develop innovative financing structures, strengthen value-chain and investment financing, and extend more funding to productive industries.
Madinga welcomed RBM’s efforts to maintain a stable and predictable regulatory environment, saying this provides confidence for the banking sector to support economic development.
The AGM is being held under the theme, “Industrialising Malawi as a Catalyst for Economic Renewal: Driving Sustainable Growth through Digitalisation, Investment, Regional Trade and Financial Innovation.”
By Arthur Chokhotho
