Microfinance institutions urged to support women

By Chisomo Phiri

Microfinance institutions in the country have been urged to develop policies that prioritize financial support for women.

This call was made by Malawi Microfinance Network Chief Executive Officer (CEO), Duncan Phulusa, during the ‘Women in Microfinance Meeting’ held in Salima district on Wednesday.

Phulusa emphasized the need for collaborative efforts among microfinance institutions to empower women, which will also contribute to reducing gender-based violence.

Duncan Phulusa

“By supporting women, we can create a ripple effect of positive change in our communities,” he said.

On her part, Thandiwe Thipa, Internal Controls Manager at Microfinance Loan Foundation, praised the meeting, stating that it has the potential to uplift women’s livelihoods and promote financial independence.

“This initiative is a crucial step towards creating a more inclusive and equitable financial landscape,” she said.

Reserve Bank of Malawi(RBM) Executive Director, Mercy Kumbatira, who graced the meeting, commended the microfinance sector for its efforts, progress, and significant strides in promoting financial inclusion.

She said:”We are committed to supporting initiatives that empower women and promote economic growth.”

The meeting  brought together stakeholders in the microfinance sector to discuss ways to increase financial support for women and promote gender equality.