RBM Governor Wilson Banda says Malawians not doing well in saving money

By Chisomo Phiri

Reserve Bank of Malawi(RBM) Governor Wilson Banda says Malawians are not doing well in as far as saving money is concerned in the country.

Banda was speaking in Lilongwe on Monday during the launch of the 2023 Savings Awareness Week.

According to Banda, Malawi lags behind the average on savings, in the sub-Saharan region.

He said most people complain that their salaries are low and therefore they cannot save.

Governor Wilson Banda

“To be honest enough, many Malawians are not doing well in saving their money. But we do not know that saving is important,” he said.

The RBM Governor indicated that if people have saving culture they will be able to generate income in future.

He disclosed that currently,national proportional saving GDP is projected at 9 percent which is very low.

Banda said no household nor individual can develop without savings.

On his part, Chief Executive Officer(CEO) for Malawi Stock Exchange John Kamanga said during the Savings Awareness Week, they will be visiting university schools, primary schools, religious gatherings and other places to tell people about products on stock exchange market, among others shares.

He expressed optimism that this will help people to have a better understanding about savings.

The 2023 Savings Awareness Week theme is ‘save today-live better tomorrow’.


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