- Written by Taonga Sabola - The Daily Times
- Created on 21 November 2014
The Malawi government say it will continue to implement financial sector reforms with the aim of fostering financial sector development and stability for the attainment of inclusive growth in Malawi. Secretary to the Treasury Ronald Mangani said in Lilongwe on Thursday that deepening of the country's financial sector is important to both the government and the private sector in the country. He was officially opening a tow-day conference on Achieving Better Banking in Malawi organized by the Innovations for Poverty Action (IPA) and the Bankers Association of Malawi (BAM).
“Development of inclusive finance in Malawi can play an important role in reducing the risk and vulnerability of the people and increasing the ability of Malawians to access basic services like health and education through financial intermediation," said Mangani. He cited new e-money products as some of the tools that can facilitate pro-poor financial inclusion interventions such as social cash transfers.
The Ministry of Finance and Economic Planning and Development has since established a Financial Sector Policy Unit within its Economic Affairs Division to facilitate the government’s work in the area of financial sector development. according to Mangani. On his part, IPA Country Director Thomas Munlhali said his instilulion has partnered BAM lo bring together practitioners and policy makers lo the conference to discuss empirical evidence on financial inclusion in Malawi and across the globe and their policy implications on Malawi.
" Through this event. we hope to contribute to the ongoing discussion on financial inclusion policy in Malawi,” said Munthali. BAM executive director Lyness Nkungula said the association is committed to ensuring that all milestones spelt out in banks‘ policies should be achieved although it remains a challenge for the financial institutions to develop pro-poor ways of conducting business.