Malawi to Roll Out a Financial Resilience Project

Malawi will roll out a four-year digital finance for a resilience project that is expected to encourage financial inclusivity in the population.

Malawi is expected to roll out four-year digital finance for a resilience project that is going to encourage financial inclusivity among the youth and the women population.

The project is going to be executed through a €1-million (about K1 billion) fund sponsored by the European (EC) Commission, the Organisation of African, Caribbean, and Pacific States (OACPS), and United Nations Capital Development Fund (UNCDF).

According to these organisations, the speed of digital transformation in Malawi should ensure that the population including the women, the youth, and the marginalised groups not excluded from it.

“The initiative is central to the EU’s response to COVID-19. The European Union recognises the importance of digital financial services in Malawi. The adoption and usage of digital financial services will help to increase financial inclusion during these difficult times, especially women and youths.”

Ivo Hoefkens, Head of Cooperation, The European Commission

“COVID-19 has provided a push factor for the Malawian government to fast-track efforts to build an inclusive digital economy which can be achieved through increased reach and usage of digital financial services across the country. The initiative is timely and an addition to the government’s efforts in building a digital economy. The private sector is therefore expected to play its part by providing innovative and inclusive digital products and services to the people.”

Hetherwick Njati, Principal Secretary, The Ministry of Finance

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