Figures from the Reserve Bank of Malawi (RBM) Second Quarter National Payment Systems Report, show an increase in both volume and value of retail DFS transactions.
The report shows that total volume upped by 14.5% to 72.3 million whereas the corresponding value increased by 39 percent to K1 billion. However, a comparison to the similar period in 2018 shows more pronounced movement as the volume and value increased by 46.1% and 125.3%, respectively.
By mid February this year, Reserve Bank of Malawi Governer Dalitso Kambambe revealed growth in digital financial transactions; recording a rapid 19.6% increase. Initially the central bank had targeted 25% by December 2018, considering that January 2018 registered 13% of digital transactions. The 19.6% was therefore good news to the central bank, as it had lamented on bank note’s counterfeiting and damage costs.
Meanwhile, the total registered subscriber base for non-bank mobile money services continues to grow, rising by 8.2% to seven million during the quarter under review.