Powering the igaming economy: PayChangu and Centenary Bank in Malawi launch instant bank transfers
New partnership brings real-time bank transfers to fuel digital payments, financial inclusion, and entrepreneurial growth in key sectors like igaming.
Malawi.- Malawi’s gaming and digital business sectors are set for a major boost following the launch of an Instant Bank Transfer solution by PayChangu in partnership with Centenary Bank.
The move is expected to significantly transform how payments are processed, giving gaming platforms, entrepreneurs and high-volume merchants seamless access to real-time funds across the country.
PayChangu, a leading fintech innovator in Malawi, developed the service to support faster and more secure transactions for businesses that depend on quick access to working capital. Centenary Bank, which powers the bank transfer feature through its Centemobile platform, said this innovation is a milestone for digital finance and financial inclusion in the country.
“We’re making banking more convenient and inclusive. This partnership allows us to reach more Malawians with fast, secure, and innovative financial services”, said Centenary Bank Managing Director Godfrey Byekwaso, according to Malawi24 Online News.
The new service can handle transactions of up to MWK 500 million ($290,000), making it a strong fit for industries that move large sums of money.
Gambling sector
For Malawi’s gambling sector in particular, the real-time transfer feature marks a major step forward. Licensed betting operators and vendors can now process payouts, player withdrawals and commission payments quickly and smoothly, removing the long delays that have often been a challenge.
Centemobile is easy to access by dialling *632# and doesn’t require an internet connection or smartphone, making it a great option for gaming merchants in rural or underbanked areas.
Sectors like gaming, agriculture, energy and construction stand to benefit the most from this high-capacity payment solution.
Powered by Malawi’s national switch Malswitch, the system enables instant payments between any bank in the country. Entrepreneurs can receive funds instantly from players or customers, whether they’re using Airtel Money, TNM Mpamba or a bank account. The platform consolidates all payment channels under one gateway, with virtual accounts, 24/7 access and simplified onboarding for new users.
PayChangu CEO Morgan Tembo said many entrepreneurs lose opportunities because they can’t receive payments conveniently.
“We’re solving that by enabling mobile and bank-based transactions, all integrated through a unified gateway,” he said.
Both Centenary Bank and PayChangu are optimistic that this breakthrough will help power a 24-hour economy, bringing lasting impact to informal markets, gaming platforms and small businesses across the country.
