Malawi ranks low in financial inclusion

Malawi has been ranked at 21 on financial technology according to a report by Centre for Technology Innovation at the Brookings Institution on Financial and Digital Inclusion Project (FDIP) released on Monday.

The 2016 report, the second in an annual series, measured countries including Malawi on four dimensions of financial inclusion, country commitment, mobile capacity, regulatory environment, and the adoption of traditional and financial services.

According to the report, Malawi has received 61% of the total possible and has been ranked at 21 out of 26 countries on overall score.

The findings of the report disclose concerted efforts by Malawi government to advance financial inclusion, through the development of its payments systems despite being adopted at a low level.

The report further recognized Malawi for developing a national financial inclusion strategy that provides a quantifiable goal relating to women in particular.

The strategy includes objectives related to financial literacy, including conducting a baseline survey on financial literacy, developing a financial literacy strategy, and establishing a national financial literacy network.

The report hails Malawi for its: ” progress toward adoption of affordable formal financial services matters following financial inclusion that is taken as a key ingredient in promoting household welfare and broader economic development.