Amid a rise in cases of digital fraud, the Reserve Bank of Malawi (RBM) says it is working on coming up with a Financial Consumer Protection Bill.

According to RBM Governor Wilson Banda, most people in the country are being defrauded online citing loopholes in the system as one of the major contributing factors.

Reacting to the matter, Chairperson of Legal Affairs Committee of Parliament Peter Dimba says the development is commendable towards protecting the country’s consumers.

“As the procedure is required, we will go through the Bill together with them, appreciate what’s in the Bill, we will provide idea in terms of how the Bill could be made better.

“We obviously support that Bill when it comes because our aim is to make sure that ordinary Malawians are actually protected from fraudsters as they use various e-payments platforms,” said Dimba.

He added that the Central Bank should also work on exorbitant charges that Malawians go through when carrying out money transfers online.

“Basically we wanted to appreciate the legal framework governing the e-transaction including mobile money transfers and e-payments.

“Members raised quite a number issues, challenges that are there in the system, we have cases of exorbitant charges, being charges on transfers and Malawians being defrauded online,” added Dimba.

Statistics show that there is a rise in digital fraud cases in the country ranging from banks to mobile money transactions using telecommunication numbers.