Finca Malawi and KfW, the German government-owned development bank, recently signed a long-term subordinated loan facility valued at $3.4 million.
Finca intends to use the funds to digitialise its processes and broaden its financial products and services, specifically by boosting financing of micro-small and medium- sized enterprises (MSMEs).
Finca Malawi Chief Executive Officer, Christopher Kizza, said the strategic cooperation and synergies between the two institutions will support Finca Malawi’s efforts to digitalise business, support capital structure and grow the portfolio.
“Finca Malawi is a licensed deposit taking institution that currently serves more than 50,000 customers across its 23 branches and expanding agent network.
“It is investing in digital technology to support delivery of its services and products, and recently introduced a mobile banking platform to improve access across the country, particulary in rural areas,” he said.
Kizza said such initiatives will create convenience and speed which ultimately have a positive impact on customers.
He further said Finca’s customers will benefit through improved access to an array of products and services that will translate into increased productivity, competitiveness and employment generation.
Both KfW and Finca Impact Finance are dedicated to achieving a positive social impact while using commercial principles that require sustainable financial results.
Today’s top business story: Top Commercial Banks In Malawi
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