Malawi’s Minister of Trade and Industry has urged banks and financial institutions across the region to embrace Corporate Social Investment (CSI) and channel more resources into financing the productive sector to remain relevant in Africa’s economic integration agenda.
Speaking during a high-level panel discussion on trade facilitation between Malawi and Mozambique yesterday, Minister Mumba stressed that Africa’s development requires deliberate action and that the financial sector must play a proactive role in driving trade, investment, and inclusive growth.
“Europe’s economy is enviable and resilient because European countries trade more among themselves. Intra-European trade is around 70%, while Africa’s intra-trade still hovers between 15–17%. For too long, we have not fully exploited the potential of trading among ourselves,” he said.
Mumba cautioned that integration will only yield real benefits if banks move beyond a profit-only mindset. “Financial institutions must share risk with entrepreneurs, support industrialisation, and invest in production. Self-serving interests alone will not build the Africa we want,” he said, calling for a balance between profitability and development impact.
Turning to trade facilitation, the Minister highlighted progress achieved through the One-Stop Border Post (OSBP) and the Simplified Trade Regime (STR) Agreement between Malawi and Mozambique. He noted that clearance times at the OSBP have been reduced from several days to an average of just two hours, significantly cutting costs for traders and easing the flow of goods and services.
However, Mumba warned that efficient border systems alone are not enough. “At the end of the day, you need to ask yourself: what are we trading in, and what are we producing? Because you cannot trade without producing. If we fail to strengthen our productive base, outsiders will continue benefiting more than ourselves,” he said.
He further urged Malawi and Mozambique to identify their geographical strengths and align them with regional and continental value chains to ensure trade translates into jobs, industrial capacity, and broad-based prosperity.
Mumba reaffirmed the long-standing bilateral relationship between Malawi and Mozambique, describing it as a foundation for deeper trade and economic cooperation.
