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Financial literacy for women entrepreneurs in Malawi

Financial literacy and financial knowledge is a prerequisite to financial capability. It empowers individuals to act in their best financial interest. Over the past few years, adult Malawians have gained greater access to formal financial services. While only 17% of adult Malawians had access to formal financial services in 2013, this figure reached 29% in 2018 (Financial Literacy Report, 2018). 

Malawian women remain relatively financially illiterate relative to Malawian men. In 2014, male adult Malawians answered 3.9 financial literacy questions correctly, and this number increased to 4.3 questions answered correctly out of seven in 2018. Similarly, the female respondents saw their scores increase from 3.4 to 3.6 over same period.

Financial literacy is important because it equips women with the knowledge and skills they need to manage money effectively. In so doing, they would be included in financial markets and hence gain increased access to capital.

Access to financial literacy in Malawi

(a) Catholic Relief Services (CRS)

Catholic Relief Services began operations in Malawi in 1997. It engages in food security, nutrition and WASH activities which are developmental and emergency in nature. CRS is a nonprofit international non-governmental organization.

Enrollment procedure for financial literacy training

The target group are VSLAs participants and participants pay an agreed amount. The training is scheduled to be completed in 21 weeks {1 meeting (about 1.5 hours) per day}. The following are covered:

  • Making a seasonal calendar
  • Establishing goals
  • Understanding income and expense and creating a budget
  • Different types of expenses and reviewing your budget
  • Choosing where to save
  • Creating a savings plan
  • Saving for emergencies
  • Borrowing concepts
  • My money vs someone else’s money
  • Your ability to take a loan
  • Comparing financial services

Additional e-learning resources on financial literacy can be accessed here. 

Contact information

Catholic Relief Services
USCCB Malawi Program
Manobec Complex
Plot No 5/1
Mchinji Roundabout
Kamuzu Procession Road
P/Bag B-319, Lilongwe 3
Tel: +265 757474
Web:  www.Crs.org