The Reserve Bank of Malawi (RBM) has described the newly-introduced Mgodi Overdraft Facility as a significant step towards a digitally inclusive Malawi which will help mobile money agents to earn more.
RBM director of national payment systems Fraser Mdwazika said this in Lilongwe last week during the launch of Mgodi Overdraft Facility, which will see Airtel Money agents accessing overdrafts digitally and instantly from Finca Malawi, a deposit-taking micro finance institution.
RMB head office
“In our ever-changing and dynamic world, the digital economy has risen to become the bedrock of progress and prosperity,” he said.
The initiative is the result of collaborative efforts involving Finca Malawi and Airtel Malawi plc under the Digital Financial Services for Resilience Programme implemented by the United Nations Capital Development Fund (UNCDF) .
UNCDF country lead Iris Kissiti said the facility is a transformative solution that will empower mobile money agents by providing them with a one-day overdraft, enabling them to meet the cash-in transaction demand even when faced with liquidity shortages.
Finca Malawi chief executive officer Charles Bello said his institution is excited to provide the financial services to Airtel Malawi mobile agents under this initiative.
Airtel Money marketing and communications manager Virginia Jere said the initiative will economically empower mobile money agents.
European Union Delegation team leader responsible for economic cooperation and public sector, Studniask Bartosz, said they are honoured to support the initiative.
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