The Reserve Bank of Malawi (RBM) says starting on December 1 this year, all transactions initiated through commercial banks’ mobile or internet banking are being processed instantaneously with recipients getting the money instantly.
The bank has said this in a statement signed by RBM governor Wilson Banda and National Switch Ltd (Natswitch) chairperson Zandile Shaba.
The facility has been introduced with funding from the World Bank under the financial sector technical assistance project.
“The instant Electronic Funds Transfer will improve customer experience while at the same time increasing the velocity of money, which is a catalyst for economic growth and development,” reads part of the statement.
RBM and Natswitch have since urged people in the country to use digital payment facilities in their daily needs because such facilities are safer and faster.
The Central Bank has assured that the bank will continue to collaborate with relevant stakeholders to implement measures aimed at increasing confidence and trust in digital payment solutions.
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