FINCA Malawi launched in 1994 in Chiradzulu. From the beginning, the institution focused on supporting small business development through the village banking model. The institution continued to grow, developing individual loans, savings and insurance products designed for the needs of the domestic market.
FINCA Malawi became a fully-licensed microfinance institution in 2010 and first started accepting deposits in 2016—the first MFI in the country to do so. With its headquarters now in Blantyre, the institution serves clients throughout the country through branches and branchless banking channels.
The diversity of its delivery channels allows FINCA Malawi to expand financial inclusion to those who need it most. The institution currently serves more than 70,000 clients through a network of 23 branches and banking agents and through an expanding mobile channel. Agency and mobile banking now account for the vast majority of the institution’s total transactions.
FINCA Malawi launched agency banking in 2017 with FINCA eXpress, a third-party service delivery model. FINCA eXpress agents are located where clients live and work, allowing them to access finance without traveling to a branch. In addition to providing financial services, FINCA eXpress agents are trained to deliver financial literacy training.
In 2018, the institution expanded its digital offering with the launch of FINCA Mobile. The service allows clients to access their accounts, transfer funds, pay bills and purchase mobile airtime—accessible by both smartphone app and USSD short code.
FINCA Malawi is a leader in the microfinance market for its capacity to reach people with impactful financial services. The institution is fulfilling the FINCA Impact Finance purpose of profitably and responsibly providing innovative and impactful financial services to enable low-income individuals and communities to invest in their futures.