Common Market for Eastern and Southern Africa-Federation of Women in Business (COMFWB) Malawi chapter have been urged to embrace digital banking and electronic transaction services in their business operations.
Digital Financial Services Team Leader for AC Consulting Dr. Ella Kangaude made the call Friday during the interaction session with different influential businesswomen applying their businesses in the country.
Kangaude said the time has come for business people to avoid moving around with huge sums of money which she said in most cases the tendency has resulted in fraud and money laundering among others.
“With digital transactions, people will no longer be carrying huge sums of cash to and from the bank where in most cases, more especially women have been robbed of their cash and others even losing their lives.
“Apart from doing business transactions, this electronic system will also assist individuals to manage their finances more effectively, such as paying their utility bills while in their homes without losing any money on transport,” she said.
National Chairperson for COMFWB Sellina Mwenelupembe thanked government for promoting a digital financing system saying Malawi also needs to be part of the global village.
“As Federation, we promote cross border business and for our women to be oriented in digital financing services, it’s very crucial because it will assist in promoting their businesses as they are trading between other countries, and it will assist them to secure their money,” she said.
However, Mwenelupembe asked government and service providers to invest more in infrastructure, especially in bordering countries where in most cases network becomes a big challenge.
One of the women, Clara Nanchinga, Executive Director of JIA Consultants, said the digital financing system is so important because it saves time and reduces some of the expenses that transpire when conducting business transactions in person.
“Let me take this opportunity to ask service providers to improve efficiency by enabling the environment to attract more people to adopt this system.
“As you may be aware, if the systems are well put together and people have trust in the system, many will join and transact, the system will grow fast,” she said
The government through the Ministry of Finance and Reserve Bank of Malawi are doing awareness campaigns for the people in the country to embrace the use of digital financing systems.