The Malawian government, through the Reserve Bank of Malawi (RBM) are working on a law that will compel companies in the country to accept at least one form of digital payment for its service. It is expected to be finalized and issued by December 2018.
This law will ensure that every business operating in Malawi must have at least one of the 5 digital payment channels like, mobile money, mobile banking, point of sale devices, Internet banking and any other digital payment products as approved by RBM.
This was coming when mobile money accounts in the Southern African country have reached 5,1 million (as of August 2018 according to RBM).
The proposed law titled, “The Deployment and Usage of Electronic Payments Channels Regulation 2018”, will details the minimum mandatory requirements for businesses operating in Malawi, including digital payment channels.
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As cited in section 5 of the proposed regulation, “(a) A business shall ensure that it avails deployed electronic payment channels to customers for payment of goods and services at all times and that the business shall immediately report any faulty channels to the service provider.
(b) The deployed electronic payment channel shall be placed at a conspicuous place where a customer effecting the payment can easily see it,”
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