- Written by Aubert Nkangama - The Daily Times
- Created on 26 September 2018
The Institute of Bankers in Malawi (IOB) hosted the 3rd Annual Bankers Lake Conference at Sunbird Nkopola lodge from the 23rd to 25th August 2018. The conference was held under a timely theme "Financial Sector Synergies: A Catalyst for Financial Inclusion”. The theme was chosen after careful consideration knowing that financial inclusion cannot be a reality without synergies. The event provided the much-needed platform for the banking and financial industry to find actionable strategies to chart the way forward in the pursuit for a comprehensive financial inclusion plan. The Conference successfully recorded and defined an almost infinite combination of possible pathways for the Financial Inclusion agenda in Malawi.
The event attracted national as well as global players who in addition to important business opportunities, were also made privy to the broader economy of the country. The number of delegates were 120 and number of partners was 14.
The stakeholders such as the Reserve Bank of Malawi, hotel industry, financial industry, Telecommunications companies, Micro Finance Institutions, Non-Governmental Organizations (NGOs), Information Technology companies were present to drive financial inclusion agenda. The conference was in full support of the revised National Strategy on Financial Inclusion launched by The Government of the Republic of Malawi in July 2017. The Strategy provides a coordinated approach towards improved formal access to financial services and products. The Malawi government’s primary objective is to maximize access to formal services.
There was general agreement that while financial inclusion is critical to achieve poverty alleviation, sustainable economic growth and social cohesion, Malawi still lags behind other developing countries in financial inclusion. Such wide gaps in financial inclusion impede inclusive growth in Malawi, a situation already worsened by an excessive reliance on natural resources for growth. CONTINUE READING (Pdf)