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Financial and technology experts have described PayChangu’s recent recognition at the Standard Bank and Smedi Phuka SME Awards as a milestone in Malawi’s digital transformation journey, saying the rise of fintech innovation could help unlock the country’s long-held ambition to build an export-oriented SME sector. However, they caution that turning this potential into sustained growth will require stronger digital infrastructure, predictable policy frameworks, and affordable financing to help local enterprises compete regionally and globally. The awards, held in Lilongwe on October 22, 2025, saw PayChangu crowned Best SME of the Year and Technology & Innovation SME of the Year, recognising its pivotal role in transforming how businesses in Malawi receive and process payments. The fintech firm’s platform allows enterprises to accept payments via mobile money, bank cards, international cards, and instant direct transfers — effectively linking local entrepreneurs to the global marketplace. Standard Bank Malawi Chief Executive Officer Phillip Madinga said during the awards that SMEs could generate up to $2 billion annually if each exported goods worth just $100, adding that digital platforms such as PayChangu are helping make that vision achievable. “Technology is creating the foundation for inclusive trade Madinga said. “By enabling small businesses to receive payments securely and instantly from anywhere in the world, fintech solutions are bridging the gap between local enterprises and global markets.” For PayChangu, the recognition reflects a broader shift in Malawi’s business ecosystem — one where technology is no longer peripheral but central to economic policy. Chief operations officer Joshua Mwendo said the company’s mission is to make doing business easier for entrepreneurs across Malawi. “Through our payment gateway, we’re empowering small businesses to receive payments globally and participate meaningfully in international trade,” he said. Mwendo added that the awards reaffirm PayChangu’s belief in local innovation as a catalyst for continental growth. “Malawi’s fintech ecosystem has proven that with the right partnerships, even small start-ups can build solutions that compete on the African stage,” he said. The momentum created by PayChangu’s success should serve as a blueprint for scaling digital innovation across sectors such as agriculture, tourism, and manufacturing. As Malawi pursues Vision 2063, which ident i f ies technology and industrialisation as key drivers of economic transformation, the rise of firms like PayChangu illustrates that innovation, when matched with policy support and infrastructure investment, could help turn the SME sector into a $2 billion growth engine. “PayChangu’s story shows what’s possible when technology meets enterprise,” Nyondo said. “The challenge now is to make sure this progress doesn’t stop at one company — it must become the foundation for Malawi’s next growth chapter.”
