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Innovation and Digital Transformation in the Financial Sector in Malawi
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Photo: Arne Hoel/World Bank
The Malawi Financial Sector Technical Assistance Project unlocked opportunities for inclusive growth for banks, micro-finance institutions, and savings and credit cooperatives by transforming the digital space. As a result, access to finance in the country increased. The proportion of women within the adult population that was formally banked, for example, increased from 17 percent in 2011 to 38.5 percent in 2018.
Challenge
The Financial Sector Technical Assistance Project (FSTAP) was conceived in 2011 when the financial sector’s contribution towards growth and poverty reduction in Malawi was limited. Much more was needed to expand and improve financial access.  At that time, out of the 19 percent of the adult population, only 17 percent were banked.  The business environment was equally challenging. While the country had achieved notable refo ....

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