FINCA Malawi marks 30 years, Disburses K228 billion in loans

By Thumbiko Nyirongo

FINCA Malawi, a leading microfinance institution, celebrated its 30th anniversary, marking a major milestone in its mission to transform lives and promote financial inclusion.

Since its establishment in 1994, FINCA Malawi has disbursed K228 billion in loans, according to its Chief Executive Officer (CEO) Charles Bello.

Speaking at the anniversary celebration, Bello highlighted the institution’s focus on empowering rural communities, particularly women.

“The impact of FINCA Malawi on the country’s development is immense. We have provided loans totaling K228 billion over the past 30 years, contributing significantly to Malawi’s socio-economic growth,” Bello said.

FINCA’s loans have enabled many individuals to pay school fees, sustain and expand their businesses, and improve their overall welfare. Bello pledged to continue uplifting the lives of marginalized populations, who often struggle to access credit from commercial banks.

Jeff Flowers, CEO of FINCA Impact Finance, expressed commitment to continuing operations in Malawi, citing a “brighter future” in the country.

 “We have many products that we believe can be offered on a larger scale,” Flowers said.

Filesi Kalichero, a FINCA customer, shared her experience of securing a loan in 2021, which enabled her to establish a business and support her family, including paying school fees for her children.

She praised FINCA’s loan process and interest rates, describing them as more accessible and reasonable compared to other financial institutions.

The 30th anniversary celebration began with a parade from the Blantyre Magistrate Court, proceeding through Victoria Avenue, Chipembere Highway, and Henderson Street, culminating at the FINCA head office. The event featured speeches, a feast, and traditional dances.

FINCA Malawi operates 23 branches across the country, offering products like payday loans and Village Bank loans.

Initially a microfinance institution offering group loans, FINCA later introduced individual loans and became a Deposit-Taking Microfinance Institution (DTMFI) in 2015.

The institution’s mission remains focused on fighting poverty through lasting and life-changing financial solutions, targeting low-income individuals and communities.

FINCA Limited started its operations in Malawi in 1994 and has since grown to become a leading microfinance institution in the country.

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