The African Development Fund (ADF) and the government of Malawi have signed a grant agreement for US$14.2 million to undertake infrastructure upgrades and create a more efficient and transparent digital payment system.
The project will widen financial inclusion in the country, in particular to women, youth and rural dwellers. It will also allow for efficient business transactions, offering small businesses the opportunity to gain access to new national and international markets.
“The DFIC project is aligned with the Malawi Digital Economy Strategy (2021 to 2026) and the Third National Strategy for Financial Inclusion (2022 to 2026). Both national strategies contribute to achieving Malawi’s long-term objective of inclusive wealth creation supported by an inclusive financial system and digital economy,” said Sosten Alfred Gwengwe, Minister of Finance and Economic Affairs of Malawi.
Macmillan Anyanwu, Country Manager, African Development Bank for Malawi, said the signing of the DFIC project grant agreement is an important step towards promoting the use of electronic transactions in Malawi to increase access and use of affordable financial services, particularly, amongst women, youth, and rural dwellers. “The project will also enable more efficient business transactions, offering small businesses the opportunity to gain access to new markets,” Anyanwu said.
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