Wealthnet Public Limited Company, which trades as Wealthnet Finance PLC, is Malawian registered public company that was established to support Malawians build wealth and be financially free and self-reliant. The Company believes that real freedom begins when individuals and households are financially self-reliant. Financial freedom comes with peace of mind which is a key ingredient to creativity, innovation and national development at large. Wealthnet Finance PLC was established to create meaningful value to all of its stakeholders which include shareholders, members of staff, customers, suppliers etc.
The company is also set to reach all Malawians of different backgrounds through very innovative, state-of-art financial delivery channels across the country.
Wealthnet Finance PLC started its operations on 18th March 2016 immediately after issuance of a Microcredit Agency Certificate by the Reserved Bank of Malawi (RBM).
The company is set to offer savings, credit and payment solutions products to economically active persons in Malawi. This target market include the unbanked, the employed, the Small and Medium Enterprises (SMEs), retail-&-wholesale customers/suppliers etc. With its innovative payment solutions and e-commerce products (www.kakupay.com), the company will reach out to wide customer base across the country (effective financial inclusion).
In short, Wealthnet Finance PLC was established to accomplish the following goals:
- Provide financial solutions that support Malawians build wealth and become financially self-reliant i.e. Establishment of Wealth Creation Business Groups (WCBGs)
- Move as many Malawians as possible from a vicious circle of poverty and debt into wealth creation and economic freedom.
- Offer better and responsive financial products that are tailored to meet the financial needs of Malawians i.e. Micro-housing loans to support clients build their own houses
- Take financial products to the door steps of as many Malawians as possible i.e. introduction of an online payment system call KakuPay (www.kakupay.com)
As part of its growth strategy, the company was converted from a private to a public company as one way of raising capital to finance its strategic medium and long term growth. The company will further be converted to a Deposit Taking MFI upon obtaining the license from the Reserve Bank of Malawi. In the last phase, the company will be converted into a full commercial bank and list on Malawi Stock Exchange within 10 years.