FINCA helps Malawians living in poverty access financial services to improve the quality of life for themselves and their families.
“From deep down in my heart, I can say that FINCA has helped a lot. At first, I was nobody. But now I can buy what I want, continue to pay school fees for my youngest daughter, and help my parents, especially my old mother.”
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Facts about Malawi
Malawi is one of the poorest countries in the world—over half the population lives below the poverty line. Daily life for a Malawian is extremely challenging. The majority live in rural areas where infrastructure is minimal and formal financial services are scarce. A small percentage of Malawians have access to sanitation facilities and electricity.
Malawi, along with much of sub-Saharan Africa, is on the verge of a crisis. By 2035, the International Monetary Fund estimates the number of Africans joining the working age population will exceed the rest of the world combined. To fill this surge, 18 million new jobs will have to be created each year for the next 20 years across sub-Saharan Africa. In the meantime, Malawians rely on the informal sector for a chance to earn a living. In addition, access to basic services, like energy, water and sanitation, education, health care and agriculture, is often inadequate.
When poor people have access to financial services and life-enhancing products, they can earn more, build their assets, create jobs and cushion themselves against external shocks. Since 1994, FINCA has been helping thousands of Malawians improve their lives. FINCA offers financial services, such as loans, savings and microinsurance throughout the country, and supports access to basic services through FINCA Ventures.
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2Poverty headcount ratio at national poverty lines (% of population)
3GDP per capita, PPP (current international $)
4Adult population lacking account at a formal financial institution