Airtel, TNM remove user fees as Reserve Bank of Malawi announce Covid-19 cushions

Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe has announced that  the country’s two mobile phone network operators, Airtel Malawi plc and  TNM plc, have completely removed user fees and  charges on personal transfers on the same network for a period of three months, in the face of coronavirus (Covid-19).

Kabambe made the announcement in Lilongwe in the presence of TNM and Airtel Malawi managing directors.

He said effective Wednesday mid-night, the two mobile phone companies have also agreed with the central bank to reduce user fees and charges on person to person transfers across their respective networks from a minimum of K120 to K20.

This means that moving mobile money within the same network, say TNM to TNM or Airtel to Airtel, will attract no fees and charges.

Kabambe also announced revisions of daily transaction and account balance limits on non bank mobile money services to be communicated to customers by individual mobile network operators.

He said the transaction limit for for the personal subscriber has been adjusted from K750 000 to K1.5 million.

Agents will now have a K30 million as their transaction  limit from K20 million.

Meanwhile, Kabambe has also announced that all microfinance institutions and financial cooperatives have also immediately suspended interest and principal repayments for loans by borrowers including pay-roll borrowers on a case by case basis.