Financial Services & Products Usage Hits 40% - RBM
Reserve Bank of Malawi (RBM) says the number of people using financial services and products in the country has increased from 34% in 2018 to now 40%.
RBM Spokesperson, Dr.Onelie Nkuna has attributed the development due to the central bank's massive awareness under its rural financial literacy programs.
"Between 2018 to date, we have seen a rise in number of people using formal services like banks. However despite the rise in figures, the informal service like mobile money, people are using such services for sending and receiving money only," Dr. Nkuna said.
But Speaking to Zodiak Online, an economic expert, Milward Tobias feels people are lacking incentives that can entice them to use financial services in large numbers.
"Looking at the figures, they are not convincing. The central bank needs to work on areas that can entice people to scramble for both formal and informal services," said Tobias.
Under the Rural Community Financial Literacy Program, RBM's target was to have 54% of Malawians up from 34% are using financial services and products in the country by 2020
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