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Microfinance Institutions Extend Moratorium

The Central Bank necessitated the discussion The Central Bank necessitated the discussion - file photo

Reserve Bank of Malawi has agreed with banks and microfinance institutions to extend moratorium on payment of interests and principle loans in response to COVID-19 pandemic.

Spokesperson for the Bank, Dr. Onellie Nkuna, says the agreement is subject to review in December this year.

“With regard to mobile network operators, so far an agreement has been reached with Airtel Money. In the agreement, Airtel money has considered a number of area as part of COVID-19 preventive measures.

“For instance, they have agreed to reduce cash out fees on subscribers from a minimum of K20 on a transaction bundle of K50 to K499 to a maximum of K7 thousand.

“They have also agreed that beginning September 2020, they have also committed to scrap off transaction fees on electricity units purchase,” she said.

With regard to TNM Mpamba, Dr. Nkuna says “an agreement has not yet been reached but we expect it to be concluded soon.

“These agreements with the institutions have been done to ensure that somehow balance is struck between the affordability on the part of the consumer and the provider to ensure there is sustainability of their operations.”

Government directed the moratorium to ease the pain of COVID-19 on people in the country.

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