MALAWI: Government Commends Centenary Bank
Dignatories at the Launch
The government of Malawi has said the Centenary Bank products already increase chances for rural Malawians to access banking services. Speaking during the rebranding ceremony of the MyBucks Bank in Lilongwe Deputy Governor of the Reserve Bank of Malawi Mr. William Matambo commended the shareholders of the new bank for a right step in investing for the poor.
“We commend the coming of Centenary Bank Limited to Malawi financial sector with products that cater for the rural mass which is a neglected section of those accessing financial services. At the moment, access to the financial sector is low. Between 2014 and 2018, the country has moved from 34.0 percent to 46.1 percent in terms of proportion of adults with access to financial services product from a formal provider,” said Matambo.
He further said that this trend is very dismal hence the coming of the Centenary Bank was a necessary gesture.
“As a regulator, we would be happy if the bank expanded its branch network and outreach, further improve quality, convenience and efficiency, and as in the modern times we live in, explore the introduction of more tailored banking products and solutions,” he said.
He argued that the lending ratio was low at 42.0 percent, a trend that he said requires banks and financial institutions to put a big dent on the high liquidity ratio by prioritizing lending.
