Mobile money transactions continue to rise, figures from the Reserve Bank of Malawi (RBM) show.
The figures show that as of August this year, the number of mobile money accounts was at 5.1 million compared to 4.7 million registered June this year.
The figures show that deposit accounts stood at 2.1 million.
Currently, TNM Mpamba and Airtel Money are a popular means of sending and receiving money and paying bills for some Malawians despite owning bank accounts.
Telecoms experts say mobile money has economic benefits ranging from improving public sector efficiency and supporting small businesses as they have penetrated in the rural areas where the traditional banks have not yet set businesses.
In an interview on Wednesay, Chamber of Small and Medium Enterprises executive secretary James Chiutsi, small and medium enterprises (SMEs) enjoy mobile money platforms because they are located in their vicinity and that there is no complicated documentation compared to traditional banks.
“Even SMEs with low literacy levels are better served by mobile money platforms,” he said.
Chiutsi, however, said there is need to provide adequate information prior to transactions.
A recent International Monetary Fund Financial Access Survey (FAS) report says mobile money accounts are more prevalent than bank accounts in low-income countries, including Malawi inclusive. n