Reserve Bank of Malawi (RBM) and Banks Association of Malawi (BAM) have admitted that customers in the country’s banking sector are facing many challenges.
BAM Executive Director Lyness Nkungula said that the development calls for imprisonment.
Nkungula also said that poor network service provision has exacerbated the prevailing situation.
RBM’s Director of National Payments System Fraser Mdwazika assured Malawians that the regulator is working tirelessly to supervise the industry.
“For example, any delayed refund on some transactions invites interest to be paid to the inconvenienced customer plus K15 million penalty payable to RBM.
