Approximately half of Malawi’s population has subscribed to and is using mobile money services, the National Payment Systems report of the Reserve Bank of Malawi (RBM) shows.
The report indicates that as at the end of first quarter of 2023, non-bank mobile money services had 10.9 million subscribers. Of the subscribers, about 57.9 percent were male users.
The report adds that over the past months, there has been an increase in the 90-day activity rate for mobile money subscribers.
As of March 2023, the subscribers rate went up to 64.4 percent from 58.1 percent in December 2022.
“This indicates that more individuals in the country are utilising mobile money services. This spike in usage presents an opportunity to expand the services offered, such as enabling the collection of non-tax revenue by different government departments and agencies,” the report reads.
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In the first quarter of the year, the number of mobile money services agents also rose by 5.2 percent to 256,466, compared to December 2022.
The central bank rated the trajectory as impressive, as it entails right steps on financial inclusion.
“In delivering mobile money services, mobile money agents are crucial stakeholders as they have direct interactions with customers. As a result, their liquidity and availability are crucial in facilitating cash-in and cash-out transactions,” the report adds.
Economist Edward Chilima said embracing digital payment systems remains a catalyst for economic growth and sustainable development.
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Malawi has a lot of non-bank mobile money service providers who have seen growth in customers and revenue over the years.
