Select Financial services, a micro-payroll lender for civil servants, has urged Malawians to seek financial solutions from traditional financial companies to sustain themselves during the turbulent economic times.
The company’s Chief Executive Officer (CEO), Akuzike Kafwamba said in an interview that during the harsh economic times, marked by a high cost of living, access to credit has become a vital lifeline for many individuals and families, but difficult to access from the traditional financial institutions.
“In such a scenario, access to credit can provide a much-needed cushion, enabling individuals to meet their financial obligations, invest in their businesses, or simply cover unexpected expenses.”
“However, for low-income earners, accessing credit from traditional financial institutions can be a daunting task. Many are often relegated to informal financial markets, such as community or social groupings popularly known as Village Banks where interest rates are exorbitant, and repayment terms are stringent. This is where microfinance institutions like Select Financial Services come in,” said Kafwamba.
He further said Select Financial Services has been at the forefront of providing financial solutions to the un-banked or entry level retail credit market low-income earners.
“The current economic environment has seen prices of basic commodities skyrocket, leaving many low-income earners struggling to make ends meet.”
“By providing tailored financial solutions, we empower low-income earners to take control of their financial lives. Our micro-payroll lending model, for instance, allows borrowers to access credit at competitive interest rates, with longer repayment terms that are aligned with their income levels and cycles especially during difficult economic times like these,” he explained.
Kafwamba indicated that they believe that access to credit is a fundamental right, not a privilege reserved for the wealthy.
“Our commitment to financial inclusion has seen us expand our outreach to underserved communities, providing financial education, and promoting a culture of savings and investment. As we navigate these challenging economic times, it is imperative that we prioritize access to credit for low-income earners. By doing so, we can help mitigate the effects of the high cost of living, promote economic empowerment, and build a more resilient and inclusive financial system.”
“At Select Financial Services, we will continue to innovate and adapt our financial solutions to meet the evolving needs of our clients. We remain committed to our mission of providing access to credit, promoting financial inclusion, and empowering low-income earners to achieve their financial goals,” said Kafwamba.
A Blantyre based civil servant Amon Phiri touted Select Financial Services for providing a lifeline during this tough moment when prices of goods have skyrocketed thereby failing to manage his family from his salary.
“Life is generally tough at the moment but the loan I got from Select Financial Services managed to ease the situation. The good thing is that I am now paying it back without any problems, they really came up for me when I needed help,” he said.
