Figures from the Reserve Bank of Malawi (RBM) National Payment System (NPS) third quarter report show that total volume of transactions processed through Malawi Interbank Transfers and Settlement System (Mitass) rose by 8.1%.

The percentage translates to 1.5 million whereas the corresponding total value of transactions declined by 13.6 percent to K7.4 billion during the same period. The report outlined that the increasing trend of digital financial services transactions shows continued customer preference for modern means of making payments as opposed to cash.

Last month, the former Reserve Bank of Malawi (RBM) Governor Charles Chuka said that power shortages, high internet and phone charges, are a hinderance to a cashless Malawi, as these challenges keep the nation from changing to a cashless society. Meanwhile, the report shows that in comparison to the same period last year, the volume and value of transactions increased by 34.8% and 99.9%, respectively in the third quarter of 2019.