Mobile money making inroads
The number of Malawians using mobile money platforms to move cash keeps on rising with official statistics showing that the number jumped to 2.6 million in the month of June alone.
A Reserve Bank of Malawi (RBM) July 2016 National Payment Systems report further indicates that the total volume and value of transactions rose much faster by 9.8 percent and 9.5 percent to seven million and K20.9 billion, respectively.
“On an annual basis, the volume and value of mobile network operator led mobile money transactions as of June 2016 represent annual growths of 96.4 percent and 126.9 percent, respectively. However, providers continue to battle with well-known operational issues, including unstable connectivity, agent liquidity challenges and the high number of inactive customers,” reads the report in part.
RBM says it is working with various stakeholders to implement appropriate strategies to resolve these challenges and increase mobile money uptake as well as usage.
Currently, Malawi has two mobile money systems operated by Airtel Malawi and Telekom Network Malawi Limited.
“Reflecting current limited usage, most of the volume of mobile money transactions were air time top-ups and cash-ins/outs. Other non-bank mobile money services comprised person to person transactions,” said RBM.
