Electronic transactions up by 40% in Malawi

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By Trust Ofesi

The Reserve Bank of Malawi (RBM) reveals that over K36 billion was transacted electronically in 2019.

This represents nearly 40 percent of growth rate from the previous year.

The RBM recent report shows that payment systems through internet banking, point of sale and mobile payment transactions accounted for over 300 million transactions.

The national payment systems report which provided a general overview of transactions in 2019 gave a clear analysis of the last quarter of the year which showed that more people are now preferring digital as opposed to cash payments.

The report however noted a decrease in mobile money subscribers by 13 percent a development which is linked to the removal of dormant accounts by Airtel money and TNM Mpamba.

The report has however noted a gender gap in mobile money subscribers as men continue to dominate with over 64 percent as compared to 38 percent of women.

On internet banking, the report noted that nearly 200, 000 clients were able to use internet banking in the stated period which represents a growth of 5 percent.

The RBM has also attributed the increase in digital payment systems to stable connectivity infrastructure.

National payment systems have for long been touted as key to achieving a cashless economy which play a vital role in reducing costs for printing cash.

 

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