Email a copy of 'MalCOM to introduce Charge Card in Malawi' to a friend
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Blantyre Archdiocese children have called on government and Church leaders to take a deliberate effort in protecting and safeguarding the...
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!
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… Read more »
A good development though it seems only locally usage.
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.
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
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.
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
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.
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.
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?
It seems very innovative- lets wait and see how it works
What about govt institutions
Please pangani explain bwino. Kodi 30% ya wages ya employee will go ku America?
Nthawi yathadi sure 666 ija simenei? mahule tizialipilanso choncho?
end times indeed.so that those without the mark(card)should not buy or sell.
Beware of the evil schemers, dressed in sheep’s clothing. LORD, GIVE MALAWI UNDERSTANDING