Commercial banks in the country have been challenged to prioritise digital financial services if they are to remain relevant on the market.
FDH Bank Acting Managing Director, William Mpinganjira said this during a Wealth Creation Forum held in Blantyre recently.
Mpinganjira said mobile banking is becoming acceptable by consumers, hence, the need for banks to embrace it to the fullest.
“Reserve Bank of Malawi records show that three million people have bank accounts, although banks have been here for about 100 years now. Phones become popular in the early 2000s and right now Malawi has about six million mobile money subscribers. That tells it all,” he said.
Mpinganjira said FDH Bank is doing all it could to embrace digital financial services, citing establishment of Airtel Kutchova and Ufulu Digital Account services among others.
He said services like mobile loans make the financial inclusion agenda attainable.
In a separate interview, UGI Insurance Company Chief Executive Officer, Bywell Chiwoni challenged entrepreneurs to focus on millennials, saying they pose a huge opportunity both as a market and workforce.
Chiwoni then challenged entrepreneurs to match their services with needs and aspirations of the youthful generation.
“They [the youth] need to have access to whatever you are offering online while enjoying their time. So this is the way to go,” he said.
The forum was conducted under the theme Harnessing Malawi’s Digital Economy.