Malawians Shun Formal Lending Platforms

About 97 percent of the country’s population is said to be shunning formal money lending institutions for the informal sector a development experts say is worrisome.

A Catholic University based economic expert Gilbert Kachamba blames the trend on accessibility to the formal credit system and illiteracy levels.

The Reserve Bank is this week running the 2019 Credit Awareness to raise awareness on credit access and management.