Malawi Aims to Boost Financial Literacy for Development
The RBM has outlined several activities to be undertaken as it implements the strategy.
LILONGWE, Malawi— Malawi is launching a new National Financial Literacy Capability Strategy to bolster financial inclusion and literacy, crucial for achieving the country’s development goals, according to the Reserve Bank of Malawi (RBM), writes Benson Kamonjola.
RBM Governor Dr. Wilson Banda, speaking at the strategy’s official launch on Sept. 23, 2024, in Lilongwe, emphasized the need for financial literacy among all Malawians, particularly youth, women, and people with disabilities.
“The country can only achieve the longest development agenda of 2063 if the citizens, mainly the youths, women and people with disability are financially literate,” Banda said.
The strategy, which will run from 2024 to 2030, aims to provide a framework for strengthening financial literacy and inclusivity nationwide, in line with Malawi's development agenda, which aims to achieve prosperity by 2063.
“The main objective of this strategy is to help Malawians to be financially literate,” Banda said.
“We are bringing in more partners, including the banks, to help in implementing the strategy.”
Banda appealed to financial institutions to provide affordable and accessible services to all Malawians, a critical step towards achieving financial inclusivity.
Philip Madinga, president of the Bankers Association of Malawi (BAM), acknowledged challenges in accessing banking services in Malawi.
“A survey that was conducted last year has shown that the number of individuals owning bank accounts has dropped from 23% in 2018 to 13% in 2023, which is a concern to us as banking players, but we will work on addressing the said challenges,” Madinga said.
Andreas Hartmann, deputy head of mission and head of cooperation at the German Embassy, reaffirmed the German government’s commitment to supporting Malawi's efforts in implementing the strategy.
The RBM has outlined several activities to be undertaken as it implements the strategy.
The launch of the National Financial Literacy Capability Strategy marks a significant step towards empowering Malawians with the financial knowledge and access they need to participate in the country’s economic development.