Opportunity Bank Malawi (OBM) has expanded its presence with the opening of a new branch in Salima and the Reserve Bank of Malawi has since commended the bank for its role in supporting the financial inclusion agenda.
RBM Deputy Governor, Grant Kabango, said such initiatives are commendable as they support efforts to increase the number of people with access to banking services.
“The expansion into new areas and outlets underscores the commitment that OBM has in offering services closer to the communities. The upgrade into this new magnificent branch, therefore, represents a significant milestone in the bank’s efforts to serve the community in a bigger, comfortable and secure environment,” Kabango said.
Kabango said by opening the new branch, the bank has proven to be a trusted partner in the financial inclusion agenda.
“As you may be aware, government instituted a strategy document to drive the financial inclusion agenda in 2010. Since then, Malawi has made significant improvement in terms of financial access, with 40 percent of the adult population now having access to formal financial services compared to 26 percent in 2008,” Kabango explained.
OBM Chief Executive Officer, Kwanele Ngwenya, said making banking services more accessible is no longer a luxury but a necessity that will help to boost economic development.
“We are committed to the transformation of the banking sector in aid to narrow the gap between the banked and unbanked communities. We strongly believe in financial inclusion as business model for transforming the economy by bringing banking services closer to the community,” Ngwenya said.