In the face of growing cases of counterfeit currency in the country, Reserve Bank of Malawi (RBM) has launched Malawi kwacha application, to demostrate the security features of the country’s banknotes.
In 2018, RBM recorded 1 757 pieces of counterfeit notes, a development which speaks volumes that if left unchecked, counterfeit currency can adversely affect the economy as it impacts on prices and undermines credibility.
RBM Governor Dalitso Kabambe said in an interview in Blantyre on Wednesday at the launch of the new product that the bank is concerned with counterfeit currency hence the launch of the initiative which marks the beginning of yet another milestone in the fight against counterfeit currency in the country
“It is no secret that most people do not know the security features that are placed on our banknotes. It is also worth noting that most counterfeits have been discovered by local traders and not by bank professionals.
“The smartphone application, therefore, makes it handy for smartphone users to understand and appreciate how genuine 12 currency looks like,” he said.
When asked why the bank chose to use a mobile phone application, Kabambe said the move is due to the fact that a good number of people use smart phones and other related gadgets.
He said the bank is upbeat the application will go a long way in making the public aware of the security features of the Malawi kwacha at their own convenience and assist in timely detection of counterfeit currency before it changes hands.
Earlier, Chief Justice Andrew Nyirenda said it is paramount for the citizenry to jealously safeguard its currency at all cost and all the time.
“The courts are committed to mete out appropriate sentences to anyone found tampering with the currency as their action will not only affect RBM but the nation at large,” he said.
RBM, in collaboration with other law enforcement agencies, last year successfully prosecuted and won through the courts a total of 28 cases involving illegal foreign exchange externalisation, transfer pricing and counterfeit currency where foreign exchange currency equivalent to K587.7 million was forfeited to the Malawi Government. n