National Bank of Malawi (NBM) has urged financial institutions in the country to support young local Information Communication Technology (ICT) practitioners to help their innovations for economic growth.
NBM Chief Executive Officer, Macfussy Kawawa made the remarks in Mangochi during this year’s Information Communication Technology Association of Malawi (Ictam) Annual Lakeshore Conference recently.
Kawawa’s sentiments come at a time the association has been concerned over appetite for imported ICT equipment among industry players.
“As is the case now, ICT is at the centre of everything which happening in the country. So, by developing ICT, we are likely to succeed in whatever we will be doing,” Kawawa said.
He encouraged the ICT experts to explore ways of working together in soliciting financing for their innovations.
Ictam president, Bram Fudzulani said there is progress in development of the sector.
“Our biggest challenge has been lack of resources to further develop our innovations. We have brilliant ideas, but we do not have resources to develop them into business models that can help develop the country. We need the support from the private sector,” Fudzulani said.
Malawi is still among bottom economies that are lagging in terms of technology.
Despite the country making strides in the sector over the past five years, lack of ICT regulation and high taxes have been undermining efforts to grow further.
Lack of collaboration in the industry has also been blamed for the sector’s failure to substantially grow contribute to national economy.