Financial and telecom industry seeks to scale up mobile money

A study is on the cards to determine how stakeholders in the financial and telecommunications sector in Malawi can improve their efforts towards scaling up paperless money transactions.

The stakeholders under the banner of the Mobile Money Coordinating Group (MMCG) includes the Reserve Bank, Bankers association of Malawi, the World Bank, and MACRA, ministry of finance and development partners.

The objective of the group includes to increasing demand for mobile money services through public awareness, strengthening mobile money systems through technical assistance and training, and looking into the legal and regulatory framework of the system.

The project is being championed by FHI360 with financial support from the United States Agency for International Development (USAID).

The organization is meanwhile in the process of identifying a consultant to undertake a study of the Mobile Money Coordinating Group which would lead to the grouping becoming independent.

Mobile money transactions have of late attracted interest among the public, due to the easier mode with which money is transacted between individuals without one having to send cash physically.