FINCA Malawi given banking licence

41

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.

Finca-Malawi

A Finca branch

“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.

Share.

41 Comments

  1. The Probrem Isnt With Finca But The Borower If You Fail To Pay The Money Then What Do You Expect?Malawians Are More Used In Receiving Than Giving Kkkk Its Agood Idea And Its Welcomed We Are Happy For That

  2. The Probrem Isnt With Finca But The Borower If You Fail To Pay The Money Then What Do You Expect?Malawians Are More Used In Receiving Than Giving Kkkk Its Agood Idea And Its Welcomed We Are Happy For That

  3. How can I explain this testimony to the public about a great man who help me out in serious illness I have HIV AID for good 3year and I was almost going to the end of my life due to the way my skin look like all I have in my mind is let me just give up because life is not interesting to me any longer but I just pray for God every day to accept my soul when ever I’m gone lucky to me my kids brother run to me that he found a doctor in the internet who can cure HIV online he help me out on everything, the doctor ask for my details, so he can prepare the herbal medicine for me from his temple after all he ask is done one week later I started getting more stronger my blood start flow normally for 4 to 5 days I start getting Wight before 6 days my body start developing my skin start coming up after 8 days which he told me that i will be completely healed, I went for HIV test and I was tested negative I’m so happy that I can say I’m not a HIV patient if you have HIV/AID or any sickness he can still help you in getting your ex-back to you please contact him via his email: [email protected], or whatsapp him on +2348143143878.

  4. Osayiwala inalitu microfinance,koma panopa iziyendesa motsatila momwe mabank Ena amapangila ngakhalebe kusiyana pang’ono kukhalapo interms of policies,koma polanda katundupo nde ayang’anepo kwambiri zikomele mbali zonse.

  5. Osayiwala inalitu microfinance,koma panopa iziyendesa motsatila momwe mabank Ena amapangila ngakhalebe kusiyana pang’ono kukhalapo interms of policies,koma polanda katundupo nde ayang’anepo kwambiri.