99 PERCENT OF MALAWIANS ALEFT OUT OF FINANCIAL INVESTMENT

Kenya –Based SME support Centre has revealed that 99 percent of Malawi’s adult population are left out of financial Investment.

According to SME Support Centre, Chief Executive Officer, Linda Onyango said that the development means that less than one percent of Malawi’s adult population has financial investment while 99 percent are left out.

The financial investment is an asset that you put money into with the hope that it will grow or appreciate into a larger sum of money. The idea is that one can later sell it at a higher price or earn money on it while they own it.

“The majority of Malawians are losing out because they cannot access certain levels of money as they grow, things like money market. Things that you can get on your phone, 99 percent are out, on top of that, only 24 percent of Malawians are banked and not being banked”.nyango said

Reseve Bank of Malawi Director of Financial Services Regulation Sopani Gondwe said that, indeed the levels of financial literacy in the country are low.

Gondwe said, the financial literacy improves the welfare of people.

However, the RBM plans is to roll out the financial literacy programme in order to raise the awareness on financial services starting from next month.

The campaign will target farmers as well as micro small and medium Enterprises.

“As you aware in every country, MSME’s are the backbones of the economy of the country, these are the entrepreneurs. They are also trying to raise financial awareness among them, particularly for them to have knowledge of financial products; Gondwe said.

Source:Times