Risk and information solutions provider TransUnion in Malawi has urged Malawians to to take proactive steps in managing their financial health in the face of high financing cost amid rising cost of living.
On a statement, the firm’s country manager Dumisani Kadango said among others, Malawian consumers need to stay on top of your loan repayments, be responsible with borrowing, save where possible check ones’ credit report obtained freely once a year from any credit bureaus, including TransUnion.
He said: “”In a country where formal banking is not the norm, managing financial transactions responsibly, whether through mobile money, microloans, or other credit facilities, can make a significant difference to long-term financial stability and economic growth.
“If consumers take time to better understand their financial standing and make timely credit repayments on responsible borrowing, we can build greater financial resilience as a nation.”
Malawi is currently facing challenging economic conditions,including a high benchmark interest rate of 26 percent and an inflation rate of 28.5 percent as of January 2025.
