The Reserve Bank of Malawi (RBM) has given a licence to microfinance network, Foundation for International Community Assistance (FINCA), to operate as a bank in the country.
Speaking during the ceremony of issuing the licence to FINCA, Deputy Governor and Supervisor of Financial Institutions at RBM Grant Peter Kabango urged the bank to be transparent to customers.
“Our call to our banking institutions in the country is that they should be transparent to their customers, once they step into a banking hall to get a loan they should know the interest so that they can be managing to pay back the loan and interest,” said Kabango.
Reacting to the call, FINCA president Rupert Scofield said the bank has been geared to lead the banking industry in Malawi.
FINCA, which is an international non-profit organization, was established in 1984 with its headquarters in Washington in United States of America to facilitate village banking methodology in microcredit.
In Malawi, FINCA was established in 1994 to support low-income small entrepreneurs in all districts in Malawi via its 20 branches.
In addition to its famous village banking model, it also offers group and individual loans.
41 thoughts on “FINCA Malawi given banking licence”
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In God we trust we will excel.. thats an indication that we grown… FINCA PAMODZI
Should any farmer needs feeds for chicken. Fish powder.balance.please. contact for exports 0059
3996393425 Emmanuel c. Dike
Banks MUST learn to be Business Partners & not Slave Masters as they’ve & are.
Welcome development we need competition in the banking industry
koma achepetse zomakwela pa denga kumakachotsa malata osangotenga nyumba yonse bwanji ndiye chikupa mmasiyila ndani
Conglants to RBM
Conglants to RBM