Reserve Bank of Malawi has recorded that internet banking has increased by 8.9% registering 136,235 subscribers in the fourth quarter of 2018.

Though the development is remarkable, the number of subscribers is 7% of total banked customers, which reveals that internet banking is an underutilized initiative.

The central bank also noted that out of the 136,235 subscribers, corporate institutions are abundant as they tend to process transactions of high value. Compared to mobile banking subscribers, internet banking subscribers figures were lower, as the former registered an increment of 37.7% as figures show 892,641 subscribers.