Central Banking

Malawian central bank sees legal risk to payments reform

Lack of payment legislation a major problem for Malawi's central bank

The absence of a Payment System Act is the "main challenge" for the Reserve Bank of Malawi as it tries to implement payment reform initiatives, its latest annual report argues.

In 2015, the central bank made "significant strides" in reforming the national payments infrastructure, it says. The report points to the growing number of payments processed through the Malawi Interbank Transfer and Settlement System and National Switch – a payment platform that allows ATMs to accept debit cards from any

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