Msika Mobile is a new mobile app that will be useful in facilitating online trading and mobile money transactions in Malawi.

Msika Mobile Chief Executive Office Officer Kondwani Ntonya outlined that the app is mainly crafted to reach the unbanked, as users can send or receive money there and then. “As a country we need to aspire for more and more cashless businesses transactions and Msika fits perfectly well in the aspirations,” he said.

The app may help achieve the Reserve Bank of Malawi’s vison for a cashless Malawi, as the country is moving in that direction through various digital platforms. Figures from RBM’s 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.