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Change attitude towards cash—RBM

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By Taonga Sabola:

Reserve Bank of Malawi (RBM) Governor, Dalitso Kabambe, has said time has come for Malawians to change their attitude towards cash and embrace digital payment systems.

Kabambe was speaking in Blantyre Monday during the launch of the Microfinance Hub, National Switch and Malawi Stock Exchange Automation.

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Kabambe said expressions such as fat wallet, fat cheque and others have no space in the modern world.

He said, in the developed world, people are now using digital payment systems to pay for goods and services.

Kabambe said last year alone, RBM spent a total of K12 billion to replace damaged banknotes.

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We are looking forward to a time we will spend no tambala on damaged banknotes. That can be achieved if Malawians embrace digital payments,” Kabambe said.

World Bank Country Manager, Greg Toulmin, said, by launching the Natswich, which among other things allows for interoperability of ATMs as well as mobile phone payment systems, Malawi has placed itself among developed countries in the world.

Toulmin said the World Bank is committed to helping Malawi improve her payment infrastructure so that transactions are done with ease.

Finance Minister, Goodall Gondwe, said the launch of the three innovations has demonstrated that something good can come out of Malawi.

Gondwe said, often times, negative stories are told about Malawi as if nothing positive is happening.

He challenged Malawians to work together towards pulling the country out of the list of poorest countries in the world.

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