Over 50 village bank groups are saving and access loans through digital wallets on an app called, Khusa, which has been developed by a local firm called Angle Dimensions.

Angle Dimensions Chief Technology Officer, Henry Sauzande said the app is aimed at expanding formal financial services to rural savings and loan groups by addressing challenges groups face in managing and tracking members’ records.

Sauzande remarked that the community has given positive feedback towards the innovative development. On the other hand, the app is operating as Figures from the Reserve Bank of Malawi (RBM) Second Quarter National Payment Systems Report, show an increase in both volume and value of retail DFS transactions.

The report shows that total volume upped by 14.5% to 72.3 million whereas the corresponding value increased by 39 percent to K1 billion. However, a comparison to the similar period in 2018 shows more pronounced movement as the volume and value increased by 46.1% and 125.3%, respectively.