Malawians accuse commercial banks of trying to kill village banks


Malawians have expressed their anger with commercial banks for trying to interfere with operations of village saving groups fondly known as village banks.

The country’s financial institutions have recently introduced platforms to accommodate village saving groups.

The banks are offering the savings groups an opportunity to open accounts with their institutions. However, this is believed to be a way of silencing the groups.

In reaction to the development, Malawians have advised the groups to ignore the offer as it may kill village banks.

“Village banks should not dare listen to commercial banks. At village banks, we have access to loans, and we repay without exorbitant interests as is the case with commercial banks,” said Kennedy Sekani.

“Commercial banks are for rich people not poor farmers. If you have nothing brothers and sisters forget about a commercial bank loan. Village banks are friendly to poor people,” said Winford Kayange.

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