Malawi to host Comesa digital finance summit
Malawi is set to host the Fifth Common Market for Eastern and Southern Africa (Comesa) Digital Financial Inclusion (DFI) Public-Private Dialogue that seeks to accelerate adoption of low-value retail payments platform to boost trade.
Comesa Business Council (CBC) said in a statement the three-day summit, scheduled to start tomorrow, will bring together delegates from DFI programme’s eight pilot countries, namely Malawi, Egypt, Ethiopia, Kenya, Mauritius, Rwanda, Uganda and Zambia.
CBC said delegates have been drawn from mobile network operators, financial services regulators and commercial banks, among others.
Reads the statement dated July 19 2023: “The dialogue will focus on the development of an implementation and operation mechanism for the Comesa Digital Retail Payment Scheme.
“This operational plan addresses critical elements, such as the legal basis for the scheme, business requirements, governance structure, rulebook, and the rollout modalities in the eight pilot countries.”
CBC chief executive officer Teddy Soobramanien, in a separate statement, described the dialogue as a milestone in “our ongoing mission to foster financial inclusion and empower Micro, Small, and Medium Enterprises (MSMEs)”.
He said: “We firmly believe that inclusive financial ecosystems are the key to sustainable development and economic progress.
“As we focus on MSMEs, we recognise their pivotal role as engines of innovation, job creation, and poverty alleviation. Moreover, we are committed to ensuring that women and youth, who often face significant barriers, are not left behind in this transformative journey.”
Soobramanien also said that the Public-Private Dialogue will be followed by a proof of concept workshop between Zambia and Malawi.
“This workshop will exemplify the feasibility and benefits of establishing an efficient, secure, instant and standardized cross-border retail payments platform.
“It will serve as a testament to the potential of cross-border collaboration in promoting trade, economic integration, and seamless financial transactions,” he said.
In an interview yesterday, Chamber for Small and Medium Businesses Association executive secretary James Chiutsi said the Comesa Digital Retail Payment Scheme will help local traders secure more deals.
“It will lead to real time payments, and probably reduced transaction costs. All this will boost trust amongst exporters and importers within the region, leading to more business deals being closed,” he said.
Key speakers will include Reserve Bank of Malawi Governor Wilson Banda, Malawi Communications Regulatory Authority director general Daud Suleman and Soobramanien.
