About Us
Who We Are
ORGANIZATIONAL BACKGROUND
Studies done by Finmark trust, revealed that the formal financial sector in Malawi is still small and that outreach remains concentrated to a narrow client base. However, it was observed that the Malawi Microfinance and Financial Cooperatives sector plays a critical role in the social economic development of the country by promoting financial inclusion of the unbanked but bankable population of the country, but that the sector lacked a good affordable Management Information System (MIS) meeting the needs of the sector. This gave birth to the Microfinance Transaction processing Hub (MFI Hub) on 13th September 2017.
The MFI Hub is registered by the Reserve Bank of Malawi under the payments systems regulation and is mandated to provide a shared core banking system to all MicroFinance Institutions (MFIs) and Financial Cooporatives (FCs) in the country. Our core objective is to help all MicroFinance Institutions and Financial Cooperatives to improve their operational efficiency by enabling them to reduce operating costs, streamline lending processes so that they can scale up rapidly thereby enhancing financial inclusion using a highly interoperable technology solution.
The overriding goal is to enhance financial inclusion for sustainable economic development. We seek constructive dialogue with affiliate organizations (MAMN and MUSSCO) for realisation of their members’ dreams and attainment of an efficient data processing Hub.
How Different We Are
Company Ownership and Legislation
MFI Hub company is registered under the companies Act no 15 of 2013 as a private Limited Company by shares. The company is owned by MFIs and FCs in the country by way of shareholding. It is a locally owned technology company. We are the only information technology company of this kind, not only in Malawi but southern Africa.
We enable our clients (MFIs and FCs) to scale up their operations without incurring high costs in information technology deployments. Our team is highly committed contributing to the Malawi government’s goal of financial inclusion through the provision of a highly scalable, robust, interoperable data processing system through the internet and help transform the economic landscape of Malawi.
What We Are Not
We are not an internet service provider (ISP), as such, we only provide advisory services to MFIs and FCs on best-fit ISP available in their area for internet services in order to access the Hub system.
We don’t provide mobile telephone services. The choice of mobile operator to use for mobile channel services among members/customers is a prerogative of that individual.
Join Our Platform
A platform for interoperable transaction processing that promotes growth and efficiency in the financial sector to achieve financial inclusion.