National Bank of Malawi (NBM) plc has reaffirmed its commitment to advancing digital financial services in the country by donating K5 million to the Association of Digital Finance Services (ADFS).
Speaking in Lilongwe during a symbolic cheque presentation, NBM plc Card Services Manager, Stewart Tepelunde said the sector plays a pivotal role in the ongoing digitalisation of financial systems and the donation is meant to facilitate the official launch of the association, scheduled for 19 June this year.
“For some time now, digital finance has operated in isolation. The formation of this association is a significant step towards fostering collaboration and innovation in the sector,” said Tepelunde.
He added that the association will be instrumental in addressing key challenges such as fraud, low literacy levels, and lack of awareness, factors that continue to hinder the growth of digital financial services in Malawi.
“As a Bank, we felt it was important to contribute to the establishment of this association. We believe it will strengthen the digital finance landscape in the country,” said Tepelunde.
ADFS Executive Member, Bram Fudzulani expressed gratitude for NBM plc’s support and highlighted the importance of the new association in uniting stakeholders across the digital finance ecosystem.
“We are excited to partner with National Bank. This association aims to serve as a platform that brings together all key players in the digital and financial space. We believe it will help streamline and address various customer concerns that have been fragmented across the sector,” explained Fudzulani.
Fudzulani said the Association has budgeted for K30 million to cater for the launch needs.
