MalCOM to introduce Charge Card in Malawi

MalCOM Limited –Malawi, a newly established owned ICT driven company wholly owned by Malawians, will be introducing an employee charge card which company executives and salaried employees will be using to pay for goods and services with no interest charges.

Francis Kajumo-Malcom Chairman

Francis Kajumo-Malcom Chairman

The Reserve Bank of Malawi (RBM) has authorized the company to translate the concept into a business venture and MalCOM Limited has already received an endorsement from the Consumer Association of Malawi (CAMA), according to Chairman of MalCOM Limited Francis Kajumo.

Kajumo is a graduate of the University of Malawi and is based in Washington DC., where he works as a biomedical research scientist

The card, branded MobiMax Charge Card, will be fully operational once the company has complied with the final requirements of procedures that essentially constitute a pilot program.

Kajumo said in an interview yesterday that employers will be issuing the card to their employees who will be allowed to use credit of up to 30 percent of their salary and shall repay their liabilities through payroll deductions.

“The MobiMax Charge Card will work in such a way that a company can give this card to employees, as a fringe benefit, to use to pay for goods and services, more especially during mid month crises and repay the amount they have used  through  deduction from their next salary.”

“The card will allow employees to use credit of up to 30 percent of their salaries because we realize that there are sometimes when money is very tight, especially during the lean mid month period and when an employee has a crisis, then the employee can use the charge card as a convenient, safe and secure option instead of borrowing money,” explained Kajumo.

He said the charge card will also work to the advantages of companies in terms of monitoring expenditures. MalCOM Limited shall offer two types of cards; a personal and corporate card and with the corporate card a distinct audit trail allows the company to control expenditures.

The MalCOM administrative software platform ensures security by monitoring and managing credit limits, secure usage, and auditing on real time basis.

“A company can just set a limit for allowances and other expenses for their employees who are going out of station for work and the employees can use the card to buy fuel, pay for accommodation and food and it is easier for a company to monitor and audit transactions through this card,” said Kajumo.

He said the card will attract no interest but will attract transactional fees (similar to ATM charges) and an optional SMS charge if a card holder chooses to subscribe to get SMS whenever the card is used for a transaction.

Kajumo said MalCOM Limited has engaged several retailers and services providers and will provide them their Point of Sale Devices (POS) that will be maintained by the company for the service of MobiMax Charge Card holders.

“We have engaged retailers like supermarkets, service stations and service providers like doctors, pharmacies, hospitals, and utility providers as our anchor customers to spread the MalCOM service footprint,” said Kajumo.

He said the MobiMax Charge Card has numerous advantages because it provides for secure cashless transactions, convenient and reliable since card holders will be using security PINS.

“Corporations can avoid on (dubious and unaccounted for) cash allowances to employees and the card may be used anywhere where a MobiMax device is available and since we will be using GPRS for connectivity to our POS, one will be assured of at least 80 percent MobiMax availability of our POS devices throughout the country,” said Kajumo.

“The country will benefit because there will be reduced costs of managing currency by the Reserve Bank of Malawi since the service will increase cashless transactions,” explained Kajumo.

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31 thoughts on “MalCOM to introduce Charge Card in Malawi”

  1. dunstain says:

    Without a credit rating sysytem it is very hard to issue credit cards except to very few valued customersin Malawi who pay an arm and a leg in interest rates! The ordinary person does not have access to this kind of financial instrument to purchase goods on a credit system- so i guess this serves the purpose. As for online purchases is there any online retailers in Malawi? Any foreign purchases from online retailers would need to be backed by forex-not so?? or perhaps a FCDA with dollar deposits? because you certainly will not be buying the goods in kwachas!

    1. Wailing Soul says:

      Dunstain, I do not know when you left Malawi or whether you once worked in Malawi before you left the country. This is not for online purchases. Its a plastic version of salary advance to let you but groceries etc from the likes of PTC, Shoprite, those shops that have card readers. As simple as that. So instead of the employees getting cash, the money will be in form of a card. Plastic money. The target market is the the middle to lower bracket end because the top bracket have credit cards etc. The economic terrain is not that conducive to that of developed countries to have online retailers at the moment. Malawi is not like South Africa, Botwana, Nigeria, the better developed economies of Africa

  2. INEYO says:

    A good development though it seems only locally usage.

  3. womenslib says:

    Can you buy stuff online with this card? If not it’s garbage. Malawi is so behind the rest of the planet it’s not even funny. Issue regular credit and debit cards with Visa or Mastercard logos that can be used anywhere in the world and online then we can talk.

    1. hotlips says:

      I think you do not know what you are talking about. Credit cards survive on interest charges, at the rate Malawi is going the credit card interest would be in excess of 90%, who can afford that? This is the best solution for an economy like Malawi

      1. womenslib says:

        Do you really think allowing people to borrow against future salaries isn’t going to come with interest? Really? I would rather have a credit card and pay it back little by little on time than borrow against a future salary and end up collecting a pay check of 10 kwachan plus whatever interest they are not disclosing at the end of the month.

        1. Wailing Soul says:

          Talk about credit cards and talk about the United States and the credit crunch. I’d rather have this system that live your life in repaying a bank through a credit card. I ve lived in the US before for many years. Credit cards are hell. In actual fact, people work to re-pay mortgages and credit card bills until they die. They die with one house which may evene be sold to pay for nursing home bills by their kids. What a life. Paying credit card bills is like living on katapila for ever

        2. phyllis says:

          Only banks and financial institutions are authorised by RBM to charge interest so this company does not fall within that category and can only charge transcation fees.

    2. Wailing Soul says:

      I think you ought to re-read the story. Its not for online shopping. Its for local purchases. It’s for locals to take a bit from their salary in advance and buy local commodities.

  4. mabedi says:

    Credit cards charge a lot of interest and this article says there is no interest charged on the things bought. That is a huge difference! Interest rates are very high in Malawi – why cant the govt do something about this?

  5. bauleni says:

    It seems very innovative- lets wait and see how it works

  6. Wa Liverpool says:

    What about govt institutions

  7. Alembi says:

    Please pangani explain bwino. Kodi 30% ya wages ya employee will go ku America?

  8. Wodzichepetsa says:

    Nthawi yathadi sure 666 ija simenei? mahule tizialipilanso choncho?

  9. chims says:

    end times that those without the mark(card)should not buy or sell.

  10. Bishop says:

    Beware of the evil schemers, dressed in sheep’s clothing. LORD, GIVE MALAWI UNDERSTANDING

  11. chilungamo says:

    Congratulations, Malawians let’s be positive

  12. stephenschade says:

    towards a cashless society

  13. Ma says:

    Do we really need this kind of card? Why not just use credit card which works well when you don’t have cash? World wide that’s what people do. Just get credit card from any bank in Malawi and buy using this method and month end pay back choncho moyo nkumakoma. This guy wants to get advantage of people’s ignorance.

    Come on I don’t even use cash when shopping, I use credit card with good limit of mk50,0000 and I don’t finish it. Malawi don’t buy this stupid I dea by MaiCOM. A Kapito nawo b so umbuli angopanga endorse za ziiii

  14. Matchona says:

    Credit card pa Malawi inawalephera kale a NBS Bank. Nde inu matchona muti bwa? Ehedeeeeee!!!

  15. snaiper says:

    Zimayamba chocho za kumidima izi, mpaka mudzatiuzanso kutsogolo kuno mukayamba kuti mukufuna kupanga upgrade then mudzabweletsa ma slicon chip!

  16. hotlips says:

    Very good for the the Malawi economy. I hope this will extend to us rural civil servants as we often get our salaries late and this will provide us relief.

  17. Nkemu wanguo says:

    Za zii! Ngongole si advantage ngakhale pakati pa mwezi.

  18. madidi says:

    Can I use that bwandilo?

    Good concept but restricts uoi to urban entities. Still cannot be the more traditional ways that average Malawians are used to e.g. Katapira.

    Zimenezo koma anthu awa a Cashgate osati ife amphawi.

  19. DSSGAJ says:

    Good creativity but this is the same as overdrawing from the banks and corporate world,it is as good as allowing banks to preload those amounts in the cards or overdraw by same amount and deduct from salary.But this will make people more poor no saving ,more bankrupt let us trust banks that have cash other than individual the economy will go heywire .

  20. muonosile says:

    Owerenga adzindikire yekha mau a Mulungu atero.

  21. mwana mulopwana says:

    this is good news keep it up Mr Kajumo

  22. ovilera says:

    Thats a good development technologically but i dont understand the relationship between Kajumo’s current occupation and the card thing. What is really going on?

  23. aDeaconess says:

    Endtimes signs

    1. Clement says:


    2. Mr 666 says:

      Meaning you don’t have visa card? These are just technological changes, katapila wa magets. Ku zilipo nyooo, even news you can buy with card, kwa mpanga swipe basi kuti tywaaa

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