Zaphweka (ZapCash) mobile money service will be launch before the end of the year.
The announcement was made during a meeting with the country’s Minister of Information, Civic Education and Communication Technology Mark Botomani in Blantyre, MPC Director General Henry Shamu confirmed the progress and said the groundwork had reached a progressive stage.
Shamu declared the digital platform for the service has already been set up.
He said, “ZapCash will allow people to cash money with their phones via agents that will be deployed throughout the country. This is part of the social inclusion dimension that the government encourages,” he said. “Through ZapCash, MPC plans to reach many people and significantly improve their living conditions.”
However, local market analysts said that it will not be easy for MPC’s ZapCash given the domination of offerings by Airtel Money and Telekom Networks Malawi’s Mpamba.
According to a research from the Bankable Frontier Associate, only about 20% of the country’s population is banked.
With four out of five Malawians living in rural areas, experts claim that any mobile money service with the ability to reach all consumers has an opportunity to secure a major share of the market.
MPC’s launch plans depend on the green light from the Reserve Bank of Malawi (RBM).