The country’s monetary authorities are working on a regulation which would make it mandatory for businesses to accept digital payments. The regulation would require businesses in Malawi to have at least one digital payment channel.
The Deployment and Usage of Electronic Payments Channels Regulation 2018 seeks to set minimum mandatory requirements for businesses operating in Malawi by facilitating and enforcing usage of electronic payment products for payment of goods and services.
Electronic payment channels will include mobile money, mobile banking, point of sale devices, internet banking and products approved by Reserve Bank of Malawi.
The regulation further says a business shall not surcharge customers on the usage of any deployed electronic payment channel, adding that any business that does so commits an offense and shall be liable to a fine of K50, 000 (around $4,200) for every surcharged transaction.
If this finally comes to pass, startups like South Africa-based Yoco - which recently raised $16 million from Partech Africa - will be looking to expand into the Southern Africa country.
Source: The Times Group [Malawi]