Malawians are being advised to explore financial solutions from traditional financial institutions to navigate the country’s turbulent economic landscape. The call comes as many individuals struggle to make ends meet amidst rising costs of living and economic uncertainty.
Select Financial Services, a micro-payroll lender catering to civil servants, made this recommendation. According to Akuzike Kafwamba, Chief Executive Officer of Select Financial Services, during the harsh economic times, access to credit has become a vital lifeline for many individuals and families, but it has proven difficult to access from traditional financial institutions.
“In such a scenario, access to credit can provide a much-needed cushion, enabling individuals to meet their financial obligations, invest in their businesses, or simply cover unexpected expenses. However, for low-income earners, accessing credit from traditional financial institutions can be a daunting task,” Kafwamba said.
Kafwamba highlighted that many low-income earners are often relegated to informal financial markets, such as community or social groupings popularly known as Village Banks, where interest rates are exorbitant, and repayment terms are stringent.
He emphasized the importance of exploring financial solutions from traditional financial institutions like Select Financial Services, which he said provide more favourable terms and conditions.
Kafwamba reiterated the company’s commitment to financial inclusion and its mission to provide access to credit, promote financial education, and empower low-income earners to achieve their financial goals.
“At Select Financial Services, we will continue to innovate and adapt our financial solutions to meet the evolving needs of our clients. We remain committed to our mission of providing access to credit, promoting financial inclusion, and empowering low-income earners to achieve their financial goals,” he added.
A civil servant from Blantyre, Amon Phiri, shared his experience with accessing credit from Select Financial Services, saying it provided a lifeline during tough economic times. “Life is generally tough at the moment, but the loan I got from Select Financial Services managed to ease the situation,” Phiri said.
