During a Digital Financial Services Conference, Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe said that in order to save time and reduce risk of money loss, Malawi needs to adopt digital financial services
The call resonates a similar advice in January, as Kabambe implored citizens to do the same, referring to K12bn spent on renewing banknotes. Kabambe said RBM looks forward to a time when not a single tambala will be spent on damaged banknotes.
The conference in Mangochi was aimed at reviewing and consolidating gains in the adoption of digital financial services. On the other hand, Consumers Association of Malawi (Cama) executive director John Kapito said that in order to encourage Malawians into embracing the digital financial services, the central bank should regulate the charges by banks and mobile money players.
Meanwhile, stakeholders have not welcomed the tax that has been charged on mobile money. Presenting the 2019/20 Budget in parliament, Minister of Finance Joseph Mwanamvekha said that government introduced a 1% tax per transaction on mobile money. Stakeholders complained that such developments curb Malawians from embracing digital financial services.