Why Malawians prefer Village Banks
The 2018 Malawi Population and Housing Census report launched last Friday has shown that nearly 23 out of every 100 of Malawi’s 17.5 million inhabitants save their money and that most of such savings are made with village banks (11 percent) and other means as opposed to commercial banks (7.4 percent). The census found that of the 4.2 million that have some sort of savings, the majority of them 54.2 percent use a village bank (VB), 30.3 percent commercial banks. The figures also show a rise in mobile banking as 11 percent of the people who keep their money use the service.