Malawi and other African countries are earmarked to benefit from the recently launched UK-tech for growth programme aimed at increasing access to financial services.
The programme has been launched to enhance the role technology can play in expanding access to financial services, and support future trading opportunities between the UK and emerging economies.
The first year of the programme will be piloted across Africa, where access to financial services remains low.
There are further plans for the programme to expand globally across South East Asia and Latin America.
In a statement issued on Monday, UK Department for International Trade says the first research output outlines a lot of challenges which need be dealt with.
Quoting UK Minister for Investment, Gerry Grimstone, the statement says diversifying and increasing trade and investment in sectors such as tech will be crucial for economic recovery from Coronavirus, and Britain has a vital role to play globally.
“The UK is home to some of the most innovative tech companies in the world while also being one of the deepest and most globally connected financial centres. It is why we are the top choice for tech firms seeking a base to launch internationally into new markets,” reads part of the statement.
In its second quarter review, the Malawi Confederation of Chambers of Commerce and Industry underscored the need to embrace technology if financial inclusion is to be attained both during and post Covid-19 pandemic period.
Currently the future of technology and financial inclusion in Malawi is taking a shift from the banking sector to mobile money services.