The Malawi Microfinance Network (MAMN) is a legally constituted grouping of microfinance institutions and institutions that are providing microfinance related services in Malawi. In September 1997, a national Forum on Microfinance was held in Mangochi and that Forum identified a number of factors that posed serious constraints to the development of the Microfinance Industry in Malawi. Among these factors were, existence of MFI programs with conflicting objectives, very high default levels, subsidized loan schemes that were clearly not sustainable, unclear roles and uncoordinated interventions by different donors and players, and unsustainable practices that hindered the expansion of outreach to the majority of Malawians who lack access to quality and affordable financial services.
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The Government of Malawi (GoM) recognizes that a more inclusive financial system is critical to the development of the country’s economy. Reforms have been undertaken in Malawi’s financial sector in the past decade; and more recently, innovations have been implemented by various market players in an effort to expand the reach of financial services. Despite these developments, however, a significant proportion of the country’s population still continue to face severe constraints in accessing financial services – including savings, credit, insurance, and payment services
