Expert Dares Financial Institutions on Exorbitant Charges

Tobias; Malawians continue to pay more for the services Tobias; Malawians continue to pay more for the services

An economic expert says financial institutions have to come clearly and tell Malawians on continued exorbitant charges on electronic transactions arguing the trend is punitive to consumers in this period of COVID-19.

The expert Milward Tobias told Zodiak Online that with current economic hardships caused by the pandemic, the central bank has to intervene to ease the suffering.

"Much as we appreciate the use of banking services electronically being convenient, in this COVID-19 pandemic period Malawians continue to pay more for the services," he said.

However, in a written response Spokesperson for the Reserve Bank of Malawi (RBM), Dr. Onelie Nkuna says following the first wave of COVID-19 pandemic, bank charges were reduced by 40% and that a moratorium is still in force up to now.

"Much as RBM does not regulate prices of financial products and services but the issue that some banks have increased their user fee charges will be investigated," she said.

Nkuna says the Central Bank will continuously engage market players on pricing.

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Last modified on Tuesday, 16/02/2021

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