In April this year, the Reserve Bank of Malawi (RBM) engaged mobile money operators to lower digital transaction fees, a move that was aimed at encouraging social distancing amidst the coronavirus pandemic. The initiative was given a 3 months time frame and the central bank has confirmed to The Nation newspaper that it is re-engaging the companies about the moratorium.

RBM spokesperson Onelie Nkuna said the MoU was open for review, considering the prevalence and impact of the pandemic. Last week, the central bank kick started the process of reviewing the effectiveness of the measures following the expiry of the three months period. On the other hand, Airtel Money has reverted to its original transaction fees and account holding balances following the expiry of the three-month moratorium.

The pandemic saw a push in digital transactions, as bank notes are prone to carry the virus upon contact with an infected individual. Two weeks ago, National Bank of Malawi announced the temporary closure of the Chichiri Service Centre, following an outbreak of coronavirus as some of the branch’s members of staff tested positive. Around the same time, a statement by the management of Britam Insurance announced that the Lilongwe Branch will be temporarily closed for 2 weeks, considering that some staff tested positive to coronavirus. “ Please note that the branch shall remain closed for the next 14 calendar days” says the statement dated 14th July 2020.