Introduction: This study explores the role of financial technologies (FinTech) in enhancing agri-business, focusing on fish farmers in Mchinji District, Malawi. The research aims to understand how FinTechs can contribute to economic growth by improving incomes, productivity, and market access for fish farmers. This study aligns with Malawi’s agricultural policy and economic development goals.
Methodology: A multi-stage sampling technique selected 94 fish farmers from Mchinji District. Data collection included structured questionnaires and focus group discussions. The study examined factors supporting FinTech adoption, its impact on income and productivity, and strategies to expand FinTech usage among fish farmers.
Results: The findings indicate high technical understanding and willingness to adopt FinTech among rural and urban fish farmers, facilitated by NGO and government extension workers. However, the lack of financial support from traditional banks and micro-financiers has led farmers to rely on personal savings, sales, and NGO assistance. The data reveal that fish farmers are keen to access financial assistance through loans and FinTech platforms.
Discussion: The study highlights the potential of FinTech to provide critical resources such as post-harvest price information, extension services, farm inputs (e.g., fish gear, feed, seed), and financial assistance. Despite the enthusiasm for FinTech, insufficient operating or investment resources remain a significant barrier. Enhancing the capacity of financial institutions to assess aquaculture loan applications and demonstrating the viability of different aquaculture systems are essential steps.
Conclusion: The research underscores the viability of fish farming as a profitable business and the crucial role of FinTech in supporting this sector. The study recommends that financial institutions and policymakers focus on improving access to financial services for fish farmers and enhancing their capacity to utilize these technologies. By doing so, FinTech can significantly contribute to the economic growth and development of the aquaculture industry in Malawi.