TNM, Airtel removes user fees on mobile money transfer

Malawi’s two Mobile Network Operators, Airtel Malawi plc and TNM plc, have completely removed user fees and charges on personal transfers on the same network, for a period of three months, in the face of Covid-19.

Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe announced this today afternoon in the capital Lilongwe.

According to Kabambe, effective Wednesday mid-night, the two mobile phone companies have also agreed with the central bank to reduce user fees and charges on person to person transfers across their respective networks from a minimum of K120 to K20.

This means that starting from tomorrow, moving mobile money within the same network, say airtel to airtel, will attract no fees and charges.

Meanwhile, Kabambe has also announced that all microfinance institutions and financial cooperatives have also immediately suspended interest and principal repayments for loans by borrowers including pay-roll borrowers on a case by case basis.