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Financial and technology experts have said the rise of financial technology (fintech) innovation can help to unlock the country’s long-held ambition to build an export-oriented small and medium enterprises (SMEs) sector. The experts said this following PayChangu’s recognition at the Standard Bank plc and Smedi Phuka SMEs Awards as a milestone in Malawi’s digital transformation journey. 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. In an interview on Sunday, PayChangu chief operations officer Joshua Mwendo said that the company’s mission is to make doing business easier for entrepreneurs in Malawi. “Through our payment gateway, we are empowering small businesses to receive payments globally and participate meaningfully in international trade,” he said. Mwendo said the recognition reaffirms the firm’s belief in local innovation as a catalyst for continental growth. “Malawi’s fintech ecosystem has proven that with the right partnerships, even small startups can build solutions that compete on the African stage,” he said. PayChangu was crowned Best SME of the Year and Technology and Innovation SME of the Year in recognition of its pivotal role in transforming how businesses 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. Mwendo said the recognition reflects a broader shift in Malawi’s business ecosystem, one where technology is no longer peripheral but central to economic policy. In his remarks, Standard Bank Malawi chief executive Phillip Madinga said digital platforms such as PayChangu are helping to simplify payments. “Technology is creating the foundation for inclusive trade. 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,” he said. ICT expert Bram Fudzulani 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. He said: “As Malawi continues to implement Malawi 2063, the country’s long-term development plan, which identifies technology and industrialisation as key drivers of economic transformation. “The rise of firms such as PayChangu illustrates that innovation, when matched with policy support and infrastructure investment, could help turn the SME sector into a growth engine.” PayChangu’s story shows what is possible when technology meets enterprise and the challenge is to make sure this progress doesn’t stop at one company.
