Enhance mobile money transfer, says Macra
Malawi Communications Regulatory Authority (Macra) has said this is an opportune time for mobile phone service operators to explore the potential in mobile money service, which is just developing in the country.
Macra director general Godfrey Itaye told Malawi News Agency (Mana) last week that this is premised on the fact that mobile phones have become an integral part of everyday life and that the number of subscribers is growing.
“Africa is the frontier that is going to revolutionise mobile money transactions, giving endless economic possibilities to millions of people in our rural villages and towns,” he said.
Itaye gave an example of Kenya, which recently registered a record $60 million (K33 billion) in mobile money transactions per day through M-Pesa.
M-Pesa is a mobile phone based money transfer and microfinancing service launched in 2007 by Safaricom in Kenya.
It has since expanded to Afghanistan, South Africa, India and in 2014 to Eastern Europe.
The service allows users to deposit, withdraw, transfer money and pay for goods and services with a mobile device.
Itaye said: “It is my hope that in the next 10 years, telecommunication operators will ensure that Malawi registers a success story with its mobile money initiative.”
He said there is need to seriously invest in mobile money transfer services to ensure that the benefits of mobile money are trickling down to ordinary Malawians to help them make financial transactions that are presently beyond them.—Mana
