Reserve Bank of Malawi governor George Partridge has called on the country’s financial services industry to accelerate efforts on financial inclusion, warning that large segments of the population remain excluded from formal credit and banking services.
RBM Boss: Patridge urges lenders to accelerate financial inclusion as Old Mutual enters credit market
Speaking in Lilongwe on Friday at the launch of Old Mutual Finance Limited (OMFIN), a newly established non-deposit microfinance institution, Partridge said inclusion remained central to Malawi’s development agenda even as digital technologies reshape the sector.
He argued that while mobile lending and digital onboarding were expanding access, the durability of that access would ultimately depend on governance standards.
“Technology can make financial services faster and more accessible but it is responsible conduct, transparency, customer protection and sound governance that will ultimately determine whether customers trust and continue to use those services,” he said.
OMFIN, a new subsidiary of Old Mutual’s Malawi operations, will launch with two products, according to general manager Kisa Mwelefu Kalolokesya: an annuities offering linked to Old Mutual’s pensions business, branded The Golden Reserve, and a payroll-based lending product aimed at private-sector employers.
Kalolokesya said the lending model would depart from conventional collateral-based underwriting, instead assessing borrowers on character and repayment capacity.
She described the approach as central to the group’s strategy in the market.
“If you fail in character, you cannot access a loan from us. Capacity is your ability to repay,” she said, adding that the institution aimed to extend “credit that is commensurate with your income.”
The launch extends Old Mutual’s long-standing presence in Malawi, where the group has operated across insurance, pensions and investment services for decades.
OMFIN represents its first dedicated push into digital lending and inclusion-focused finance in the market, as competition intensifies among providers seeking to reach previously underserved borrowers.
