One of Malawi's leading fintech companies, PayChangu, has received approval from the Reserve Bank of Malawi to pilot its innovative payment gateway.
The PayChangu payment gateway aims to make transactions faster, more secure, and accessible to all Malawians. It will enhance various sectors of the economy, including agriculture, urban markets, and industries.
The payment gateway will also facilitate seamless transactions in urban markets, supporting businesses and consumers alike, contributing to the growth of urban economies and improving the overall quality of life for urban residents.
Also, the introduction of PayChangu is pivotal as the Malawian government is actively pursuing its Vision 2063 (MW2063) goals. The payment gateway is poised to support the three core pillars of this vision: Agriculture Commercialization, Urbanization, and Industrialization.
Global Expansion and Payments Partnership Manager of PayChangu, Joshua Mwendo, said, "Agriculture Commercialization will be enhanced by providing farmers with easy access to digital payment solutions, enabling them to receive payments swiftly and securely."
"We are excited about this milestone, which is a testament to our commitment to driving financial innovation in the country," he added.
The pilot phase is set to begin soon, with PayChangu set to play a significant role in Malawi's economic development and financial inclusion efforts.
