Banking sector crucial in advancing national development—Biziwick

Malawi Revenue Authority (MRA) director general John Biziwick has said the banking industry plays a significant role in the pursuit of the country’s aspirations for development.

He made the remarks on Friday during the 14th Bankers Association of Malawi (BAM) Dinner and Dance at Sunbird Mount Soche in Blantyre.

Biziwick said: “The sustainability of the banking sector is of greatest importance to our vision where all stakeholders must ensure that banks can operate in a supportive environment that caters for the interests of all.

“This year’s theme of ‘Banks for all, and development for all’, presents many chances to us because it highlights the need for affordable, accessible as well as an inclusive banking environment that is both dynamic and beneficial to everyone and the nation at large,” he said.

He also encouraged banks to implement dynamic and innovative systems capable of accelerating and enhancing operational efficiency.

On his part, one of the BAM directors Noel Mkuluchi, who is also FDH Bank managing director, said banks as drivers of the economy, will make sure to be on the right track by financing projects that will earn forex and make the country an exporting nation through guidance of the Reserve Bank of Malawi.

“We are the economic lifeblood, driving growth, creating opportunities and enabling global participation; hence, the importance of an inclusive and beneficial banking environment for societies and national development,” he said.

Mkulichi further said a successful banking system requires several forces for it to function like a respected legal system, an enforcing judiciary, and a sound central bank providing supervision and regulatory framework.