The World Bank has acknowledged that access to credit is a challenge that individuals and small companies face in Malawi. This was addressed during the credit awareness week organized by the Reserve Bank of Malawi (RBM)

The World Bank Group’s International Finance Corporation’s Resident Representative for Malawi and Zambia, Madalo Minofu outlined that if a business can access credit, it can grow, create jobs and therefore the economy will boom in the process.

However, she noted that Malawi has made strides in enhancing its credit infrastructure, over the past years. On the other hand, she outlined that access to credit or the lack thereof, all depend on a full understanding of credit. Hence she called on  Malawians to use their credit history as a tool to access credit with better terms and conditions.

Speaking on access to credit, RBM Governor Dalitso Kabambe revealed that 93% of Malawians are accessing informal credit, because commercial banks would rather service conglomerates. He called on the banks to make amends in that regard.