FINCA Malawi marks 30th anniversary with K228 billion in loans disbursed

Author: Thumbko Nylongo

The Financial Regulatory Authority of Malawi (FINCA Malawi), a leading microfinance institution, celebrated its 30th anniversary, marking a significant milestone in its mission to transform lives and promote financial inclusion.

According to Charles Bello, Chief Executive Officer of FINCA Malawi, the institution has disbursed K228 billion in loans since its establishment in 1994.

Bello, who spoke at the anniversary celebration, stressed the agency’s commitment to empowering rural communities, especially women.

“FINCA Malawi’s impact on the country’s development has been enormous. We have provided loans totaling K228 billion over the past 30 years and have contributed significantly to Malawi’s socio-economic growth,” Bello said.

FINCA’s loans have helped many individuals pay for schooling, maintain and expand their businesses, and improve their overall welfare. Bello pledged to continue improving the lives of marginalized people who often have difficulty accessing credit from commercial banks.

Jeff Flowers, CEO of FINCA Impact Finance, expressed commitment to continuing operations in Malawi, noting that the country has a “brighter future”.

“We believe we have a number of products that can be delivered at scale,” Flowers said.

FINCA client Filesi Kalichero shared her experience of receiving a loan in 2021 that enabled her to start a business and support her family, including paying for her children’s school fees.

She praised FINCA’s loan process and interest rates, saying they were more accessible and reasonable compared to other financial institutions.

The 30th anniversary celebrations started with a parade from the Blantyre Magistrates Court, passing Victoria Avenue, Chipembere Highway and Henderson Street before ending at the FINCA headquarters. The event included speeches, a banquet and traditional dancing.

FINCA Malawi has 23 branches across the country and offers products such as payday loans and village bank loans.

FINCA started out as a microfinance institution providing group loans, later introduced individual loans, and in 2015 became a deposit-taking microfinance institution (DTMFI).

The institution’s mission remains to end poverty through lasting, life-changing financial solutions, targeting low-income individuals and communities.

FINCA Limited began operations in Malawi in 1994 and has grown to become the country’s leading microfinance institution.