(2 minutes read)
· Commercial banks in Malawi have declared moratorium on
payment of interest and principal for bank loans for the next three
months to give a measure of relief to borrowers
· Bankers’ Association of Malawi (BAM), have slashed 40 percent
of all fees and charges on internet banking, mobile payments and
other digitally transacted payments to encourage more and more people
to transact through digital medium to reduce person – to -person
contacts.
Commercial banks in Malawi have declared moratorium on payment of
interest and principal for bank loans for the next three months to
give a measure of relief to borrowers. Bankers’ Association of Malawi
(BAM), have slashed 40 percent of all fees and charges on internet
banking, mobile payments and other digitally transacted payments to
encourage more and more people to transact through digital medium to
reduce person – to -person contacts.
These measures were announced by Reserve Bank of Malawi (RBM) Governor
Dalitso Kabambe and BAM Second Vice President Zandile Shaba in
Lilongwe. This is in tandem with the directives by President Professor
Mutharika to cushion impacts of Covid-19.
Malawi has incidences of covid-19, though much less as compared to
South Africa and Nigeria. Nine infections are reported so far. The
last reported case was that of a Canadian citizen, who came to the
country on March 28, 2020. The precautions are being taken by the
Southern African country taking into account its fragile healthcare
system, which will not be able to cope up with the pandemic if it
spreads.
