Mobile money services uptake has been rising steadily in the recent past to average K14 trillion worth of transactions per quarter, the Malawi Communications Regulatory Authority (Macra) has said.
It comes as use of digital financial services has been rising, as reflected in the improvement of transactions.
Speaking at the weekend during a Media Institute of Southern African Malawi gala dinner, Macra Director General Daud Suleman said since mobile money use started in Malawi, transactions have been done in more than 10 million mobile wallets.
He said the platform was not only beneficial to individuals at micro level but is also a catalyst for economic development.
“Mobile money, in our case, has become the fuel that is driving our digital economy because the uptake has, within a short period, surpassed what banking has achieved,” he said.
He, however, said there were still security challenges in the mobile money space where the regulator, along with stakeholders, were working towards finding a solution.
He said Malawi was losing about K120 million a month to mobile money fraud.
“This is why the Electronic Transaction and Cyber Security Act comes in to create an environment where as the citizens are moving to the digital environment, they should feel secure and have confidence that their money is safe,” he added.
In an earlier interview, mobile money services provider, Airtel Money Director Brighton Banda touted the platform as not only a catalyst for economic development but also a means for financial inclusion.
“Through system interoperability between banks and Mobile Network Operators (MNOs) like us with a robust agent network, more Malawians now have access to financial services, thereby driving our quest for more inclusive and accessible financial services,” Banda said.
According to figures from the Reserve Bank of Malawi, as at the end of last year, mobile money subscribers were hovering above 10 million.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.