Comprising over 50 regional members (countries) and committed to providing technical and financial support through operations targeted at improving the economic state of its members since 1974, the African Development Fund has signed a grant agreement valued at $14.2 million with the government of Malawi. Directed at funding the Digitalization, Financial Inclusion, and competitiveness (DFIC) project.
Malawi is one of the poorest countries in the world; hopes of economic development is hampered by the health crisis, corruption, and its sole dependence on agriculture. The living standard of about 70.3% of the country's population is under $1.90 per day. The move to explore the technology sector and enhance financial inclusion is crucial to revitalizing the country's economic development. The DFIC project will create an opportunity for businesses in Malawi to interact with the global market. Hence reducing its extreme poverty. The project will also improve the lives of individuals in the country, giving them convenient and affordable access to financial services.
Strategic Policies on financial technology are fundamental towards building sustainable development. The government of Malawi is hitting great strides by promoting the digital economy, which would be a gateway for international business and investment into the country's market.
Malawi in focus:
Population: 19.13 million in 2020 as compared to 18.63 million in 2019
GDP: $11.96 billion compared to $10.86 billion in 2019
GDP per capita: $625 in 2020 compared to $583 in 2019
