Mobile Network Operators, Airtel and TNM have removed user fees and charges on personal transfers on the same network for a period of three months amid coronavirus which has hit the country with 18 confirmed case and 2 deaths.
Announcing the development in Lilongwe on Tuesday afternoon, Governor of Reserve Bank Dalitso Kabambe said starting from Wednesday midnight the two mobile networks have agreed with RBM to reduce user fees and charges on person to person transfers across their respective networks from a minimum of K120 to K20.
“As a country we have been hit by the virus which has almost affected every country in the World so we thought it is good for us RBM and these network operators to make some changes which will help our citizens in this period that’s why am here today to announce that Airtel and tnm have agreed to remove user fees and charges.
“The new measures will take effect at midnight as a result of these measures, Airtel Money to Airtel money or Mpamba to Mpamba will bear no cost, the move is to reduce the use of banknotes.
“Banknotes are said to be a potential means of Covid-19 transmission with some overseas studies suggesting the virus could last for as long as 4 days of paper surfaces that’s why we have thought to made these changes with immediate effect,” said Kabambe.
Central Bank Governor also said that in the wake of the Covid-19 pandemic, Microfinance institutions including financial cooperatives will immediately provide a threemonth moratorium on interest and principal repayments for loans by borrowers including pay-roll borrowers be on a case by case basis.
On its part, RBM has revised upwards daily transaction and account balance limits on non- bank mobile money services to be communicated to customers by individual mobile networks operators.
