The National Bank of Malawi (NBM) has successfully disbursed loans totaling 9 billion Kwacha to village banks through its ‘Kasupe Finance’ program. This initiative, aimed at supporting village banks in accessing financial products and services from the bank, has been instrumental in empowering local communities.
During an interface session held in Mzuzu, Oswin Kasunda, Head of the Retail Banking Division at National Bank, shared this remarkable milestone with representatives of village banks. The substantial amount of loans provided demonstrates the commitment of NBM to foster economic growth at the grassroots level.
While celebrating the success of the ‘Kasupe Finance’ program, Kasunda expressed concern over the issue of loan defaults by some members of village banks. The bank emphasizes the importance of responsible borrowing and timely repayments to maintain the sustainability of the program and ensure continued support to the community.
Since its launch in 2021, ‘Kasupe Finance’ has played a pivotal role in improving access to financial services and empowering village banks. By facilitating access to loans, NBM has enabled local entrepreneurs to start or expand their businesses, driving economic development in rural areas.
The National Bank of Malawi remains committed to supporting the growth and development of village banks across the country. Through ongoing collaboration and engagement, NBM aims to address the challenges faced by these institutions and promote financial inclusivity at the grassroots level.
As ‘Kasupe Finance’ continues to make a positive impact on the lives of community members, National Bank encourages all stakeholders to work together to ensure the successful repayment of loans and the sustained growth of village banks in Malawi.