Electronic money transfer hits  K100bn per day in Malawi

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.

Kabambe: This is working well

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.

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Vinjenje
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Vinjenje

Goodall,come on ! Does that make Malawi a developed country ?What economics ?

Wiseman
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Wiseman

This is good development, sending money is now very easy, big up guys

APM
Guest
APM

APM IS STEALING MK100 BILLION IN A DAY???

Ndede
Guest
Ndede

While lazy people are busy blaming Govt policies, hard working people are busy studying them to make a benefit out of them. 3 things people, Hard work as God dictates and APM preaching, Integrity and patriotism. The development of the country is NOT money in your pocket. Those wise shall manage towns and villages. Continue chasing mizukwa ife tikulimbikira kugwira ntchito.

kanyimbi 265
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kanyimbi 265

Before we comment, can you please give us stats from other countries so that we can make a good comparison

suarez
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suarez

You could research that on your own.

Mike Kanyerere
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Mike Kanyerere

sounds very good. now if someone could adjust the exchange rates please. malawi is already a landlocked country meaning our imports carry extra costs thus high prices for basic commodities. if you balance out the currencies it would automatically make everyone go to their original spaces thus reducing competition for meager job opportunities in the developed countries. in this instance south africa. zambian kwacha gained against the rand recently I dont know how they did it but end result can be seen at the bus terminals of malawi and zambia resp. my focus fell on the goods being loaded into… Read more »