The Bankers Association of Malawi (Bam) has reiterated its commitment to helping grow the country’s agriculture sector by going beyond the provision of loans.
Bam President Phillip Madinga was speaking in Lilongwe on Thursday at the start of a two-day Agri- Finance Conference held under the theme ‘Fostering Collective Impact: Collaborative Efforts to Propel Agricultural Sustainability Forward’.
Madinga said agriculture remains the backbone of Malawi’s economy, contributing significantly to the gross domestic product (GDP) while providing employment and livelihoods for many.
He added that unlocking the potential of agriculture requires stakeholders to work together, leveraging their collective strengths and resources.
“As bankers, we have a responsibility to provide innovative financial solutions that cater to the unique needs of our agricultural clients.
“The banking industry’s unwavering support for the implementation of Malawi 2063, our country’s long-term development plan extends beyond traditional financing,” Madinga said.
He added that banks are continuously investing in innovative financial products tailored for farmers, enhancing access to credit for smallholder farmers and investing in sustainable agricultural projects.
Madinga further said banks are fostering partnerships with development organisations to provide capacity-building programmes, technical assistance and market linkages to Malawi’s farmers.
By doing so, Madinga said, banks aim to create a robust and resilient agriculture sector that can withstand the challenges of today and thrive in the future.
The conference was organised by Bam, in conjunction with the Farmers Union of Malawi (Fum).
Fum Chief Executive Officer Jacob Nyirongo said Malawi’s farmers can benefit a lot if they can access the necessary financing from banks.
President Lazarus Chakwera has identified agriculture to drive the development agenda of the country alongside tourism, mining and manufacturing in what has been christened as ATMM Strategy.
