The country is experiencing an increase in the use of digital financial transactions, according to a 2024 second-quarter national payment systems report by the Reserve Bank of Malawi (RBM).
The report indicates that, during the period under review, point of sale transactions and volumes grew by 6.9 percent, national switch transactions increased by 7.7 percent, and mobile banking transactions rose by 11.1 percent.
This development comes as the RBM continues its efforts to promote cashless transactions, with banks introducing innovative digital banking services.
However, the bank has expressed concern over persistent mobile money fraud, which it argues remains a significant threat to the growth of e-payments in the country.
The Central Bank has pledged to collaborate with relevant stakeholders to address the challenge.
