Wealthnet Finance has been granted a deposit-taking licence that legitimizes the firm to operate as a micro-finance bank.

Announcing the development, the Wealthnet chairperson Nicholson Kumwenda said the license will enable the company to mobilise savings on the market and provide wealth-creating capital to our customers as well as providing them with long-term finance facilities.

 Wealthnet Public Limited Company, which trades as Wealthnet Finance, is a privately owned finance company that was established to support Malawians build wealth and be financially free and self-reliant. The company is also set to reach all Malawians of different backgrounds through very innovative, state-of-art financial delivery channels across the country. On the other hand, Wealth Creation Business Group (WCBG) is a group of between 7-15 business people, who are passionate about multigenerational wealth creation. They know each other and come from the same economic background. They save their money as a group on a monthly basis through buying shares called Gold Bars; and, have access to loans for their businesses from the group savings.