A new foreign exchange dealer, DX Capital Bureau De Change, has entered the Malawi market, bringing the total number of players in the industry to 23.
Speaking in Lilongwe during the launch of the bureau, Reserve Bank of Malawi (RBM) Policy and Compliance Manager Ken Khoswe said the coming in of the bureau marks a significant step in the central bank’s commitment to ensuring a robust and vibrant foreign exchange market by providing an alternative to the public in the buying and selling of foreign exchange.
Khoswe said RBM, therefore, expects that DX Capital Bureau De Change will help to make operations of the foreign exchange market efficient and effective in the provision of services to the public through provision of competitive foreign exchange rates.
“The entry of DX Bureau De Change takes the number of registered forex bureau to 23 across the country. This is a positive development to the bank and the country in the sense that Malawians and travellers have a wider choice for their foreign exchange transactions.
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“To date, the forex bureau scheme has registered tremendous growth in terms of geographical distribution as well as turnover of foreign exchange traded,” he said.
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He added that RBM expects the new bureau to find ways of making foreign exchange available in the country by taking steps to court members of the diaspora to send their savings back home in order to help the country increase its foreign reserves and be able to serve its people well.
According to Khoswe, RBM also expects the bureau to take all necessary steps to prevent and curb the commission of financial crimes by developing robust controls and systems.
DX Capital Bureau De Change Group Chief Executive Officer Geoffrey Mkhalipi said the bureau is happy to open its doors in Malawi.
“The major difference that we are bringing to the market is the capacity to assist customers whenever they need our services. The bureau is geared to operate in compliance with regulations of the RBM,” Mkhalipi said.
