Digital shift needs stronger protection – Mwanamvekha warns

Finance Minister Joseph Mwanamvekha says Malawi’s move towards digital payments must be backed by stronger systems to protect users from cybercrime and other digital risks as the country phases out cheque transactions.

Mwanamvekha said while the transition from cheques to digital payment platforms is necessary in the modern economy, authorities must ensure that Malawians are protected as they embrace new ways of transacting.

He made the remarks in Parliament after lawmakers passed the Bills of Exchange Amendment Bill, which paves the way for Malawi to move away from cheque usage and adopt more digital payment methods.

The minister said digitalisation comes with opportunities for faster and more convenient transactions, but also creates new challenges that require strong security measures.

“We need to strengthen regulation, we need to make sure that the issue of cybercrime is addressed, and also sensitisation of the customers or the people that are going to use digital platforms,” said Mwanamvekha.

He said customers must be equipped with knowledge on how to safely use digital services to avoid falling victim to fraud and other online crimes.

Mwanamvekha also said the process of reversing mistaken digital transactions needs improvement, arguing that customers should not experience long delays when errors occur.

He added that the government will ensure the concerns raised during the passing of the legislation are addressed through regulations as Malawi advances towards a digital payment future.