By Chisomo Phiri
Reserve Bank of Malawi (RBM) Deputy Governor Macdonald Mafuta Mwale has revealed that the central bank spent K23.3 billion last year to print banknotes.
He made this statement at Chatoloma ADMARC ground in Kasungu during the launch of the Digital Financial Services campaign, an awareness initiative aimed at increasing the use of digital technologies when making financial transactions.
Mwale attributed this expenditure to the improper use of money by people, especially during ceremonies.
“Printing money is very expensive because Malawi lacks the capacity to do so. When it comes to paying the printers, we do it in foreign currency.
“So, with the scarcity of forex that this country is experiencing, it is good and important to embrace digital technologies when transacting,” he said.
African Development Bank (AfDB) representative Albert Mafusire expressed the bank’s commitment to helping Malawi achieve its aspirations.
“We are proud to support Malawi’s efforts to increase digital financial inclusion and reduce reliance on physical currency.
“This project is a crucial step towards a more efficient and sustainable financial system,” he said.
Various players in the financial sector, including banks and mobile money service providers, showcased their services at the launch.
The Digital Financial Services campaign is being implemented by RBM, in collaboration with the Ministry of Finance, with a $14.2 million grant from AfDB.
The project commenced in 2022 and will conclude in 2026.
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