By Felix Katemula

Karonga, July 03, Mana: Team Leader for Digital Financial Services for Karonga and Chitipa, Andrew Chimpololo says government intends to gradually phase out the usage of cash and opt for digital platforms and electronic transaction services.

Chimpololo was speaking in Karonga on Wednesday during a meeting with stakeholders to brief them on a digital financial literacy campaign which the Ministry of Finance in conjunction with Reserve Bank of Malawi intends to carry out across the country.

He said phasing out the use of cash will see government saving money that is spent on printing banknotes and coins.

“Printing banknotes is very expensive, and the government spends a lot of money replacing worn-out banknotes. Advancements in technology in the financial and banking sectors have also necessitated the move. With the digital financial services, it is safe, fast and convenient for one to make a transaction,” he said.

“We urge people in the country to start embracing the use of digital platforms through phones, automated machines (ATMs), point of sell (POS) machines and internet in all their financial transactions, whether they are buying or selling goods or services without the need to carry huge amounts of cash,” he added.

Anganile Mwanyembe, who sells vegetables at Songwe Border Market, commended government on the move, however she observed that there are many obstacles that government need to address for people to embrace digital finance services.

“The fee that we pay in electronic transactions differ across the service providers and are mostly exorbitant. In addition, the low penetration of digital platforms in rural areas is also hampering the access to electronic transaction services,” she said.

According to Mwanyembe, the government should ensure that rural masses have access to electronic gadgets that will help them to transact electronically and urged it to ensure these means are safe and secured.