Malawi made a mattering step forwards towards the creation of a digital payment ecosystem to fight against poverty and stimulate the including growth. An event organized by the government of Malawi in cooperation with the initiatives “Better Than Cash Alliance” and “mobile Money for the poor” of the United Nations Capital Development Fund (UNCDF) gathered actors of the digital payments to accelerate the progress of the digital financial services in Malawi.
This meeting also marks the publication of a thorough analysis of the will of the country to move from an economy almost based exclusively on the cash money to an economy within which digital payments are widely available by means of an ecosystematic approach.
The Honorable Goodall Gondwe, member of parliament and Minister of Finance, Economic Planning and Development, indicated that the transition towards digital payments is a part of the commitment of the government to reach the social and economic goals stipulated within the framework of the growth strategy and the development in Malawi.
“The achievement of a well-balanced and sustainable economic growth as well as the reduction of poverty are an integral part of our mandate“, declared Mr. Gondwe. “We think that the creation of an economy within which digital payments are widely available is the way we must follow and we follow it basing ourselves on healthy economic and fiscal policies“.
The study was carried out in partnership with the Ministry of Finance of Malawi, the Central Bank of Malawi and the Better Than Cash Alliance and is entitled: The Opportunities for Malawi’s Transition Away from Cash.
The report presented information detailed on the current situation of the digital payments in Malawi constituting an important reference to follow the progress made. The study also identified four potential opportunities Malawi has, among which the digitalization progress by the government of its payment system centralized with the support of banks and the acceleration by the traders of the digital payments acceptance by means of the mobile money and the credit cards at points of sale.
Original text by:Roger ADZAFO