Malawi’s digital economy has taken a significant step forward as PayChangu, one of the country’s leading fintech innovators, officially launched its Instant Bank Transfer solution in partnership with Centenary Bank. This collaboration is set to enhance digital payments for small businesses and entrepreneurs nationwide.
The new service aims to advance financial inclusion by providing secure, simple, and accessible digital payment solutions across Malawi.
With the Instant Bank Transfer feature, merchants can now receive real-time payments from any bank in the country—supporting transactions of up to MWK 500 million per transfer.
The innovation targets businesses that rely on fast access to large working capital, particularly in sectors such as energy, agriculture, gaming, construction, and wholesale trade.
Speaking at the launch, Centenary Bank Managing Director Godfrey Byekwaso said the partnership reflects the bank’s mission to deliver customer-centric, technology-driven services.
“We’re making banking more convenient and inclusive,” said Byekwaso. “This partnership allows us to reach more Malawians with fast, secure, and innovative financial services.”
Powered by the national payment switch (Malswitch), the service facilitates instant money transfers to any bank in Malawi. It is accessible via *632# on Centemobile, a USSD platform that does not require users to download a mobile app. This functionality is especially beneficial to rural users and micro-entrepreneurs with limited access to smartphones.
PayChangu CEO Morgan Tembo highlighted that the solution addresses a longstanding challenge for small businesses: the inability to receive payments easily and securely—particularly in remote areas.
“Many entrepreneurs lose opportunities because they can’t receive payments conveniently,” said Tembo. “We’re solving that by enabling mobile and bank-based transactions, all integrated through a unified gateway.”
The PayChangu platform consolidates multiple channels—including Airtel Money, TNM Mpamba, and bank transfers—into a single, transparent system. With features like 24/7 access, virtual accounts, and simplified KYC processes, the service is designed to be inclusive, even for informal and underserved business operators.
Despite ongoing infrastructure limitations in parts of the country, both PayChangu and Centenary Bank are confident that the new solution will drive entrepreneurship, support a 24-hour economy, and strengthen Malawi’s digital financial ecosystem.
