MPs hailed for fast-tracking digital finance reforms

Members of Parliament have earned praise for backing reforms that could change how Malawians make payments and access financial services.

Finance Minister Joseph Mwanamvekha has hailed MPs for swiftly passing four key Bills aimed at modernising Malawi’s financial system and strengthening professionalism in the economics sector.

Speaking after the Bills were passed on Thursday, Mwanamvekha said three of the laws were designed to align existing legislation with Parliament’s earlier decision to phase out cheques in favour of digital payment systems.

“I am quite happy with the overwhelming support that we have received from the August House. Normally, it is not easy to pass a Bill, but today we had four Bills passed,” Mwanamvekha said.

He explained that the amendments to the Financial Crimes Act, the Payment Systems Act and the Deposit Insurance Corporation Act simply remove provisions relating to cheques following the passage of the Bills of Exchange (Amendment) Bill.

“We removed the provisions where there was mention of cheques because we have now moved to the modern world through digital means of payment,” he said, adding that detailed regulations will be developed to safeguard users against abuse and cybercrime.

Mwanamvekha said the fourth Bill, establishing the Economics Society of Malawi (ESOMA), fills a long-standing gap by creating a legal body to register, regulate and discipline economists.

“I am quite excited as Minister of Finance, who is also an economist, because this legislation brings discipline and professionalism. When somebody is speaking as an economist, they should be speaking on the basis of authority,” he said.

Chairperson of the Parliamentary Committee on Legal Affairs and Budget, Sostain Gwengwe, said the ESOMA law will also protect businesses and the public from individuals falsely claiming to be economists by ensuring practising professionals are governed by a code of ethics and conduct.