Increased use of cheques worry ICT experts, consumers
Information and communications technology (ICT) experts and consumers have decried the continued use of cheques as a mode of payment, saying it defeats the purpose of embracing digital platforms.
In its latest National Payment Systems Report, the Reserve Bank of Malawi indicated that volume and value of cheque transactions maintained an upward trajectory up to the third quarter of 2024.

For instance, between July and September 2024, there were 173 728 cheque transactions, a 1.5 percent increase from the previous quarter while the value increased by 12 percent to K1 trillion.
Reads the report in part: “This outturn shows that despite all efforts to digitise all payments streams and encourage adoption and usage of fast and efficient payment instruments, a few economic agents are still issuing high-value cheques for payment of goods and services contrary to the country’s digitalisation agenda.”
ICT expert Bram Fudzulani said in an interview yesterday that digital payment platforms such as electronic funds transfer offer real-time payments to consumers.
“Because cash is essentially untraceable, it is a useful tool for criminals and corruption, while digital currency is less easy to exploit and can be easily traced back to its source,” he said.
Consumers Association of Malawi executive director John Kapito yesterday blamed the quality of the digital payment platforms, high charges and network failures for frustrating consumers.
“The many failed transactions have raised a number of serious accounting challenges,” he said
The report said the performance of digital financial services is increasing.