Government hails COMESA for Introducing Digital Financial Payments platform
The government has hailed Common Market for East and Southern Africa ( COMESA) for the introduction of a digital financial payments platform that will enhance local businesses in Malawi.
Minister of Tourism Vera Kamtukule made this remark when COMESA was holding a sensitization meeting with women who are doing micro small and medium enterprises in Lilongwe on Tuesday.
Kamtukule said she is very proud when are women are taking part in cross-border trade as the government is promoting industrialization through the exporting of goods.
She said:” It’s about sensitizing the people in terms of the advantages of digital financial transactions, I think it could have come at a better time than now to them because once you are transacting through digital do not need to move around hence you reduce your cost. When you are reducing cost it means you mamaximizeour profit, I think it is very integral for small businesses like these to ensure that they are digitally connected.”
Kamtukule stated that theft, the high cost of doing business, and also inability of small and medium businesses to be accessed by customers both locally and internationally remain a challenge saying but if they are digitally connected it is very easy to be accessible anytime.
On his part COMESA Business Council (CBC) Board President James Chimwaza said one of their focus areas for business is targeting micro small and medium enterprises hence they are trying to encourage women and the youth to take part in business.
He added that digital financial inclusion will assist Malawi businesses in selling their goods to outside countries with the use of a platform through the phone without traveling at a long distance.
In his sentiment COMESA Business Council Chief Operating Officer Dr Jonathan Pinifolo said they are about to commission a payment platform at the end of this year due to they want to prepare the traders before the platform becomes in place hence they will commence with eight countries namely Malawi, Rwanda, Zambia, Kenya, Uganda, Egypt, Ethiopia and Mauritius.
Pinifolo further said that they are at looking eliminating the use of United States Dollar (USD) currency when it comes to trade in the COMESA region.
Pinifolo disclosed that they have put in a fraud management module that will be able to trace fraudulent activities in the platform and they are doing awareness whereby they will know some sort of activities that may lead to fraud through the use of education programs as well as policy frameworks.
