By Nelson Gonjani:
Reserve Bank of Malawi (RBM) Deputy Governor Macdonald Mafuta Mwale has revealed that the central bank spent K23.3 billion on re-printing damaged banknotes this year.
Mwale described the situation as worrisome, arguing that such funds, paid in form foreign currency, could have been used for other interventions.
He has since underscored the need for the public to embrace digital financial services.
He said this in Kasungu district during the national launch of an awareness campaign for Digital Financial Services (DFS).
“The world is going digital, why should Malawians be left behind. It is important to encourage the population to go digital, as it is safe, efficient and effective.
“If we use more digital financial services, then our demand to produce banknotes will go down,” Mwale said.
Representative for the African Development Bank (ADF) Albert Mafusile said the country needed to embrace digital financial services.
“It is our hope that the partnership that the bank has with the Malawi Government will continue to get stronger, we do not only provide finance to the government, but we do provide advisory services as well.
“So, it is a combination of these things including knowledge. All these are going to be helpful in terms of how we relate with the government of Malawi to achieve its economic aspirations,” Mafusile said.
The Digital Financial Services awareness campaign is being implemented by the government through the RBM with the financial support worth $14.3 million from ADF
0 Comments