Electronic money transfer has hit a record K100 billion per day in the country, prompting the World Bank to applaud Malawi for the successful implementation of the Malawi National Switch Program.
Reserve Bank governor Dalitso Kabambe said people can now send money and receive electronically both within the country and outside without hustles.
“This is working well. Ordinary people without bank accounts can send or receive money both internally and externally,” said Kabambe.
The World Bank funded project started almost 30 years ago when ground work for the implementation of the project started and on Monday both the World Bank and the Reserve Bank of Malawi as well as ministry of Finance officials were all smiles to learn that the money transaction has now reached K100 billion a day.
World Bank officials said this would spur economic development whist minister of Finance Goodall Gondwe said this will help Malawi move from least developed country to a developing country.