The Financial Inclusion and Entrepreneurship Scaling (FInES) Project is a multi-year World Bank funded initiative which provides affordable wholesale financing to financial intermediaries (banks, MFIs, SACCOs, and MAIIC) in Malawi. This funding is then channelled to MSMEs at concessionary rates thereby increasing their access to financial services.
A key objective of FInES is to promote entrepreneurship by addressing the issue of financing constraints that arise out of the information asymmetry that exists between MSMEs and financial service providers in Malawi. Research has shown that improved entrepreneurship can contribute to economic growth by expanding employment opportunities, increasing productivity and innovation, and improving economic and social livelihoods.
Administered through the Reserve Bank of Malawi, the project is expected to generate significant benefits for Malawi’s economy in the long run while providing liquidity support for small businesses to weather the COVID-19-induced economic shock in the short term.
Microloan Foundation is pleased to be a partner in this mission-aligned programme that expands the supply of sustainable financing for MSMEs, particularly those owned and operated by women and the youth. With 22 branches countrywide and serving over 32,000 clients, access to such funding will help the company scale its outreach further and provide a broader range of borrowing options to help base of pyramid women start and scale sustainable MSMEs in their communities.
Published on: 05/04/2022