RBM Launches National Switch

Reserve Bank of Malawi has said National Switch will boost the country’s revenue collection base and reduce the amount of money used to print bank notes.

Speaking in an interview after the launch of Malawi Stock Exchange Automation, national Switch, MFI HUB establishment and Listing of ICON properties in Blantyre, Reserve bank of Malawi Governor Dalitso Kabambe said last year the country spend 12 billion kwacha in replacing bank notes.

Kabambe said the country should now focus on cashless transactions saying this would help solve the problem.

“There is need to change behaviour for the cashless transactions to be effective,” Kabambe said.

In his remarks minister of finance and economic planning Goodall Gondwe said the launch of national switch is a significant sign that the country has made strides in economic standards.

Malawi Stock Exchange Market Chief Executive Officer John Robson said the listing of ICON Properties on the Stock Market will result in increased operational efficiencies, improvement in governance and development of private sector as well as growth of companies.

Robson said “introduction of electronic transaction on the stoke market has made it easy to do trade.”

World Bank country manager, Greg Toulmin said the National Switch will improve financial inclusion as everyone will be able to access electronic financial transactions in the country and beyond.

Toulmin said electronic financial transactions have helped the country to make over 1 billion kwacha per day.