Malawi to harvest from UK technology on access to financial services

Malawi among other African countries will have an opportunity to attain from the newly launched UK-tech for growth programme aimed at increasing access to financial services.

The programme has been established to increase the role technology can play in expanding access to financial services, and support future trading opportunities between the UK and emerging economies.

However, according to the statement by UK Department for International Trade issued on Monday, the first research output outlines a lot of challenges which needs to be dealt with.

In his saying, UK Minister for Investment, Gerry Grimstone, 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 homes 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 a part of the statement that Akometsi has seen.

This development has come during the time technology and financial inclusion in Malawi is switching from the banking sector to mobile money services.

According to the second quarter review by the Malawi Confederation of Chambers of Commerce and Industry there is a need to embrace technology if financial inclusion is to be achieved in the country both during and post COVID-19 pandemic period.

The first year of the programme is expected to be piloted across Africa, where there is a shrink in access to financial services.

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