KUALA LUMPUR, Oct 29 – Bank Negara Malaysia expects to increase the adoption of e-payment among businesses and households in the country with a 15 percent annual growth target over the next five years.
The central bank, which launched an e-Duit campaign today, expects to also see an increase in e-payment transactions per capita from 221 to 400 by 2026.
At the event today, Bank Negara Deputy Governor Datuk Abdul Rasheed Ghaffour said the central bank was fully committed to realising the strategic thrusts set out in the Financial Sector Blueprint (FSBP) 2022-2026.
He said the e-Duit campaign and the expansion plan for its iTEKAD financing scheme, which is aimed at assisting low-income microentrepreneurs, were testament to Bank Negara’s continued commitment.
Bank Negara today also launched the iTEKAD logo and announced the participation of five new financial institutions to the
iTEKAD programme, which is expected to broaden the outreach of the financing scheme.
iTEKAD is currently offered by eight participating financial institutions, namely Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad, CIMB Islamic Bank Berhad, RHB Islamic Bank Berhad, Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat), Bank Simpanan Nasional (BSN), Bank Pertanian Malaysia Berhad (Agrobank), and Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank).
In a press statement issued at the launch, Bank Negara said, the e-Duit campaign with its tagline of “Selamat, Senang, Segera” or Secure, Simple, Swift, w), was about encouraging more Malaysians to adopt e-payments, and to do so safely.
It is to create public awareness and build user confidence in e-payment adoption, and in turn,
support efforts to digitalise the Malaysian economy.
Launched in 2020, iTEKAD meanwhile provides business assets funded by social finance instruments (donations, social impact investment, zakat, and cash waqf), microfinancing, and structured training.
According to Bank Negara the iTEKAD programme has shown promising results. “As of August 2022, 95 percent of iTEKAD microentrepreneurs have successfully built online capabilities to enhance sales. The programme is expected to have benefitted over 4,000 low- income microentrepreneurs by 2023.”
Meanwhile, the Financial Literacy Month 2022 organised by the Financial Education Network will conclude at the IPC Shopping Centre Mutiara Damansara on Sunday.
The annual event, aimed at raising consumers’ awareness of key financial issues, saw a mobile
coach travelling to 61 locations across seven states in October to bring free and independent financial education resources to over 20,000 people.