People of Likoma demand banking services

People of Likoma have said the absence of banks has crippled the district’s economic growth as tourists and businesspeople fail to utilise their money once they visit the island.

Gulu: Banks will make Likoma District grow economically

Since Likoma was declared a district a decade ago, it has never had formal banking services.

Likoma District Council chairperson Ernest Gulu said in an interview that the banks will facilitate economic growth in the district because more money will be in circulation on the island.

“Government workers and businesspeople sail to the mainland to access banking services.

“The situation also scares off potential tourism investors because there is no security for money,” he said.

Gulu said the council hopes banks will now come forward because there is power on the island.

Chiponde Lodge proprietor Ian Lemis said the absence of banks is affecting his business as some tourists do not travel with cash.

“Besides, travelling to the mainland for banking services is costly,” he said.

Likoma legislator Ashems Songwe said he will continue to demand for banks in the district.

“It is sad that the banking sector has not favourably responded to our appeals,” he said.

However, National Bank of Malawi corporate affairs and marketing manager Akossa Hiwa said they noted a request to open a service centre on Likoma Island.

“A decision on whether to construct the service centre in the near future will be based on the outcome of the business and economic activity analysis to be conducted in due course as well as the perceived impact of other intervention, especially on the digital front,” she said.

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Kambewa ngozo
7 months ago

Foseki
Dzuka Malawi it sad to not that after so many years of independence Likoma does not have a bank up to date. Do you want us to get assistance from Mozambique?

Humster Jere
7 months ago

Post Office Savings Bank would open one branch at likoma. And possibly a satellite at Chizumulu Island.

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