LILONGWE-(MaraviPost)-The country’s central bank, Reserve Bank of Malawi (RBM) is appealing for electronic payments amongst the general public in a bid reduce costs for replacing worn out banknotes.
RBM Governor Dr. Dalitso Kabambe told the news conference on Tuesday in the capital Lilongwe that the bank has for this financial year put aside MK15 billion for replacing old bank notes.
Dr. Kabambe observed that use of electronic payments will ease such expenditures which could be channeled into other government projects.
The Governor therefore lauded financial firms and telecommunication network providers for encouraging their customers on electronic payments when purchasing goods and services.
He commended both Airtel and TNM for completely removing users fees on their network’s money transfers and payments effective midnight, April 22, 2020 for the next three months.
Dr. Kabambe added that the measure will reduce hard cash usages amid Covid-19 scare.
“Just for 2020 alone, the bank has put aside MK15billion for replacement of old banknotes. This money could have been used for other productive government business. We need to go for electronic or cashless payments.
“This is the move to reduce cash usages which might be also a loop for contracting the virus. Therefore, Airtel and TNM need to be recommended for this approach”, lauds Dr. Kabambe.
As April 22, 2020, Malawi had 23 Covid-19 cases with three deaths.