Select Financial Services, one of Malawi’s lending institutions, has called for stronger collaboration between the government and the microfinance sector to sustain financial inclusion amid Malawi’s current economic challenges.
Founded in 2007, Select Financial Services provides credit and financial solutions to both public and private sector employees.
The company’s Chief Executive Officer (CEO), Akuzike Kafwamba said that despite inflationary pressures and currency fluctuations, the microfinance sector continues to play a vital role in helping Malawians build financial resilience, hence the need for collaboration.
“We have seen how access to affordable financial services can transform lives. Our focus remains on providing practical solutions that help individuals and businesses stay afloat, even in difficult economic times,” said Kafwamba.
Kafwamba said the institution’s 17 years of experience have deepened its understanding of Malawi’s financial realities, enabling it to serve clients often excluded by traditional banking systems.
“Our goal is not only to lend money but to empower people with financial knowledge and tools that promote stability and growth,” said Kafwamba.
He urged policy makers to establish frameworks that support innovation, reduce barriers to access, and promote collaboration between regulators and financial service providers.
“If we work together, government, private sector, and communities, we can build a more inclusive financial system that works for every Malawian,” added Kafwamba.
A finance expert and senior lecturer in accounting and finance at Millennium University, Richard Tembo commenting on the matter, stressed Select Finance Services’ call on the importance of collaboration between the government and microfinance institutions.
“The government provides policy direction and ensures financial stability, while microfinance institutions turn those policies into real financial access for people. Working together ensures support mechanisms like consumer protection, financial literacy programs, and responsible lending standards are well aligned.”
“During economic turbulence, timely access to small loans allows households to manage shocks, maintain consumption, and invest in small ventures. That’s where institutions like Select come in handy,” said Tembo.
Select Financial Services operates in all the four regions in Malawi and is part of the broader Select Africa Group, which offers microfinance products in multiple African countries including Lesotho, Eswatini, Kenya, Uganda, and Namibia.
