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Bankers count year 2019 gains

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The Bankers Association of Malawi (Bam) has said 2019 has been a good year for banking industry despite some challenges which faced the economy.

This is amid concerns from most sectors over slow down in business prior to and after the May 21 elections.

Bam President, Kwanele Ngwenya, said the association expects positive results from most of the commercial banks.

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He said taking into account the stable exchange rate and interest rate which culminated into a stable macroeconomic environment, most banks are expected to post positive results.

“I have not heard any negative stories in the banking sector. I think all banks are focusing on their year end and some are wrapping up the year, so I think a better time to really understand and appreciate where the banks are in terms of performance for the year will be the first and second quarters of 2020,” Ngwenya said.

He said the banks remain committed to continue operating in the best interest of customers.

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He said the banks are committed to contributing towards the national financial inclusion agenda.

“It is a clear understanding among all banks that we should grow the economy from the bottom of the pyramid through financial inclusion,” Ngwenya said.

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