Mobile Money and “Banki Mkhonde” Blamed for Decline in Bank Depositors

Business journalists in Mzuzu have observed that the growing popularity of mobile money services such as TNM Mpamba and Airtel Money, alongside informal savings schemes commonly known as “banki mkhonde,” is contributing to a decline in the number of Malawians keeping their money in commercial banks. The concerns were raised during a media engagement organised […] The post Mobile Money and “Banki Mkhonde” Blamed for Decline in Bank Depositors appeared first on Malawi News | Breaking News, Politics, Business & Sports | Nyasa Times .

This report indicates a shift in financial behavior in Malawi, impacting the traditional banking sector due to the rise of mobile money and informal savings.