Digital financial services on the rise, says RBM
Malawi is making strides in the uptake of digital financial service (DFS) payments.
Reserve Bank of Malawi (RBM) figures show a 13.1 percent increase in daily average volume of financial transactions to 335 433 in July, amounting to K76 million.
“It is encouraging to note that, on average, total daily volume and value of DFS transactions have been increasing consistently for the past six months, suggesting a turning point in the adoption of some DFS channels in the country, especially non-bank led mobile payments and PoS [Point of Sale] terminals,” reads the monthly national payment system report for July compiled by RBM.
According to the report, total subscriber base for mobile network operator (MNO)-led mobile money schemes registered a 2.7 percent increase to K2.6 million in June 2016 while volume and value of transactions on the other hand jumped by 9.8 percent and 9.5 percent to K7 million and K20.9 billion respectively.
Meanwhile, Reserve Bank of Malawi (RBM) is developing regulations and directives to operationalise the Payments Systems Act to support RBM’s financial stability functions.
RBM spokesperson Mbane Ngwira said in an earlier interview the Act will provide clarity and transparency in oversight and regulatory arrangements for payments instruments and strengthen legal and regulatory framework.
