Commercial banks’ branches as measured by geographical presence in relation to population continue to grow, according to an International Monetary Fund (IMF) survey.
IMF Financial Access Survey (FAS) indicates that commercial banks’ branches per 1 000 square kilometres rose from 3.04 in 2013 to 3.13 in 2014.
Along with the development in geographical presence, commercial banks branches per 100 000 adults also rose from 3.31 to 4.85.
The FAS is the source of global supply side of data on financial inclusion, encompassing internationally comparable basic indicators of financial access and usage.
But although the number of automated teller machines (ATMs) per 100 000 adults appears to be increasing gradually on annual basis, the card uptake and usage trends have shown little to no growth in 2015, a Reserve Bank of Malawi (RBM) October National Payment System report indicates.
But Bankers Association of Malawi (BAM) president Misheck Esau said recently despite the shocks hitting the economy, the banking sector has remained resilient and is expected to register a modest growth.
“Besides being responsive to the needs of our customers through the provision of valued-added products and services to them, it is worth noting that the sector remains a hub for the stability of our financial system,” said Esau.