The Reserve Bank of Malawi expects regional digital payment systems to ease the country's foreign exchange pressures, according to MBC. Speaking at a workshop in Lilongwe, RBM Deputy Governor Kisu Simwaka stated that harmonising payment frameworks within the Common Market for Eastern and Southern Africa and the Southern African Development Community will allow member states to conduct cross-border trade using local currencies.
In the cooperative banking sector, the United Civil Servants Savings and Credit Cooperative Organisation opened a new branch in Mponela, reports The Cooperator News. RBM Deputy Governor for Financial Institutions Henry Mathanga officiated the launch. UCS SACCO General Manager Francis Waliwa outlined plans to reach 500,000 members within five years and announced a strategy to target diaspora markets to help reduce foreign exchange constraints.
Update: The parliamentary inquiry into the controversial Amaryllis Hotel pension fund deal continued with testimony from Attorney General Frank Mbeta, according to Malawi Nation. Addressing the Public Accounts Committee, Mbeta denied authorising the K128.75 billion transaction and shifted the blame to the pension fund trustees for failing to conduct proper due diligence. He also questioned the legality of the Reserve Bank of Malawi's actions, asking whether the central bank had obtained a court order before quarantining K72.6 billion related to the deal.
During ongoing parliamentary budget debates, Minister of Finance Joseph Mwanamveka praised the Catholic University of Malawi for its financial independence, reports AMECEA News. Mwanamveka noted that the private institution generates surpluses and funds its own infrastructure expansion without government subventions, contrasting its financial model with public universities that depend heavily on state funding and international donor support.