The Government of Malawi has announced it has made salient moves to accelerate digital payments in the country. The Malawian Government recently concluded a meetup in partnership with the UN’s capital investment agency, United Nations Capital Development Fund (UNCDF) that brought together digital payment players in a move to drive digital payment service in the country.
According to UNCDF in a statement to TechCabal, mobile penetration in least developed countries such as Malawi is at 30 percent while access to a bank account is at 14 percent. The agency believes Mobile payments can be one way to onboard more unbanked in the these countries.
“We expect that as a result, Malawi will progress from 3.5 percent of total active adult population using digital financial services at the start of this year to 15 percent by 2019.” Mr Tillman Bruett, Advisor and Programme Manager, said
As part of the programme, UNCDF plans to provide technical and financial assistance to build capacity/infrastructure in public and private sector organizations to support the switch from cash to digital payments.