Ministry of Finance, Economic Planning and Development has adopted a second financial inclusion strategy which will act as a guide in directing and promoting inclusive finance in the country until 2020.<\/p>\n
The first strategy was adopted in 2010 and run up to December 2014 and in between the country has gone through major shocks such as the historic devaluation in 2012 followed by Cashgate in 2013 which led to withdrawal of general budget support that stirred inflation and high interest rate.<\/p>\n
Speaking at the launch of the strategy in Lilongwe, Reserve Bank of Malawi Governor, Dalitso Kabambe, said the strategy has built on the shortfalls of the first plan and support the needs of the growing economy.<\/p>\n
\u201cThe country has many people who are not yet reached with financial services. The strategy being launched today, therefore, highlights what can be done to ensure that all Malawians regardless of their geographical disposition are reached with financial services. Malawi is a cash-based society to the extent that 75 percent of the cash in the economy is outside the banking system,\u201d he said.<\/p>\n
Kabambe disclosed that Malawi is the only country with high interest on loans.<\/p>\n
\u201cMozambique\u2019s interest rates on loans are at 10 percent, South Africa is at 6.5 percent while Malawi is at 29 percent which is an issue of concern,\u201d he said.<\/p>\n
Secretary to the Treasury, Ben Botolo, said Malawi has experienced positive economic growth averaging about five percent per annum but people remain excluded from main stream economic activities.<\/p>\n
\u201cMany people remain excluded from the main stream economic activity. The reason includes constant provision and use of formal financial services by segments of society where services are needed but are not adequately provided,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ministry of Finance, Economic Planning and Development has adopted a second financial inclusion strategy which will act as a guide in directing and promoting inclusive finance in the country until 2020. The first strategy was adopted in 2010 and run up to December 2014 and in between the country has gone through major shocks such […]<\/p>\n","protected":false},"author":3,"featured_media":44817,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/51082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=51082"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/51082\/revisions"}],"predecessor-version":[{"id":51085,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/51082\/revisions\/51085"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/44817"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=51082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=51082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=51082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}