FREQUENTLY ASKED QUESTIONS

Paymaart was created with the goal of revolutionizing the financial landscape in Malawi by providing accessible and cost-effective e-payment solutions to its citizens, thereby promoting financial inclusion and economic growth.

Paymaart's mission is to expedite the transition to universal e-payments in Malawi by offering free e-payment services to its members, promoting financial inclusion and economic growth.

Paymaart benefits its members by providing free e-payment services, making it easier and more affordable for them to make electronic payments. This approach is expected to enhance the income and wealth of Malawi's citizens by facilitating faster, more secure, and convenient payment options.

Paymaart was launched in the third quarter of 2024 with a limited number of pilot locations and is currently expanding nationwide.

Paymaart’s KYC registration process is designed to verify the identity and legitimacy of customers, prevent fraudulent activities, and maintain the security of financial transactions.

By providing the necessary information and verifying customer identity, Paymaart can ensure compliance with Reserve Bank of Malawi's regulations and provide secure and reliable e-payment services for its customers.

Customers need to register with Paymaart to ensure compliance with the Reserve Bank of Malawi's regulations, which require e-payment services providers to verify the identity of their customers. This helps in preventing money laundering and other financial crimes.

For KYC registration, customers are required to provide their email address, telephone number (both Malawi and international numbers are accepted), residential address, identity documents (national ID card, passport, driver's licence or similar), and employment/income information.

Email and telephone number details are required to ensure that customers can be contacted effectively for any updates or issues related to their accounts. This information also helps in verifying the authenticity of customer information.

The acceptable identity documents for KYC registration include national ID cards, passports, and driver's licenses.

A full list of RBM-specified ID and ID verification documents, that are acceptable for KYC registration, is provided here.

Paymaart verifies customer identity by checking the provided documents against local and international government databases for validity and accuracy.

This process is automated and ensures that only legitimate customers are approved to use Paymaart’s e-payment services.

Employment/income information is required to assess the risk profile of customers and to ensure they are not involved in any illegal activities.

Paymaart assesses customer risk profiles by analysing their employment/income information, transaction history, and other relevant factors.

This helps in identifying potential high-risk customers and taking necessary measures to prevent fraud.

Failure to comply with KYC regulations can result in severe penalties, including fines and even the revocation of operating licenses.

Paymaart ensures the security of customer data by implementing robust security measures, such as encryption and secure servers, to prevent unauthorized access or breaches.

Yes, customers can update their KYC information at any time by logging into their accounts and providing the necessary updates.

The security questions, whose answers are recorded during KYC registration, will be asked when a KYC update is requested, to ensure that only bona fide account owners are able to change KYC information.

Paymaart has a dedicated customer support team that handles customer complaints related to KYC registration.

Customers can contact the support team through various channels, including email (hello@paymaart.com), phone, and online chat.

The benefits of KYC registration for customers include enhanced security, faster transaction processing, and improved customer experiences.

Paymaart ensures compliance with Reserve Bank of Malawi's regulations by regularly reviewing and updating its KYC procedures to align with the latest regulatory requirements.

Yes, customers can access their KYC information by logging into their accounts and viewing their profile details.

Non-Malawi citizens, who are physically present in Malawi, are required to provide additional documentation, including as a valid visa or work permit, and their home country address, to demonstrate their legal status in Malawi. This is to ensure that only legitimate foreign nationals are allowed to use Paymaart's services.

Non-Malawi citizens who are outside Malawi are excluded from the requirement to disclose visa and/or work permit documentation.

The additional documentation required for non-Malawi citizens, who are physically present in Malawi, is necessary to verify their legal status in Malawi and to ensure compliance with the country's immigration laws.

Paymaart verifies the legal status of non-Malawi citizens by checking the provided documentation against government databases for validity and accuracy. This process is automated and ensures that only legitimate foreign nationals are allowed to use the services.

Yes, non-Malawi citizens are required to declare their income or employment in Malawi to demonstrate their financial position and ability to use Paymaart's services.

Paymaart assesses the risk profile of non-Malawi citizens by analysing their legal status in Malawi, employment/income information, and other relevant factors. This helps in identifying potential high-risk customers and taking necessary measures to prevent fraud.

To reset your password, click on the "Forgot Password" link on the login page and follow the instructions.

You can contact customer support via email at hello@paymaart.com or call us at +265 88 480 4748.

Paymaart is a leading e-payment service provider in Malawi, offering secure and convenient payment solutions.

The G2P Payments service is a bulk payment solution that enables organizations, government bodies, enterprises, or customer groups to make prepayments for the distribution of e-money to multiple registered and unregistered Paymaart members.

The service involves the credit of the bulk amount by Sender to Paymaart's bank account, followed by the provision of a list of beneficiaries and their details in a spreadsheet format (by email to: hello@paymaart.com). Once receipt of the bulk prepayment is confirmed, by Paymaart, individual payments are disbursed to all named beneficiaries at the same time, usually within 24 hours.

The spreadsheet should include 6 (six) columns of information: i. reference number of each beneficiary record, starting at number 1; ii. full name of beneficiary, with surname capitalized; iii. telephone number of beneficiary, with full international dialling code; iv. Paymaart ID of beneficiary; and v. amount to be credited to beneficiary; vi. description/purpose of payment to be notified to beneficiary.

The Pay-in proof of payment document must be the image of a bank-issued transaction receipt.

Yes, the maximum e-payment that can be made to any individual beneficiary is 750,000 Malawi Kwacha per day.

Beneficiaries who are Paymaart members will be notified by an in-app notification, while non-Paymaart members will be notified by email and SMS to their telephone number. This notification message will include the name of Sender and a description of the payment’s purpose, as recorded by Sender

The transaction fee for the G2P Payments service is charged at a flat rate of 1% plus VAT, which is currently 16.5%. This fee is paid by Sender and is calculated on the total amount to be sent to all beneficiaries.

Yes. A G2P Payment can be delivered to a beneficiary who is not a registered Paymaart member, provided their full name and telephone number are provided by G2P sending customer. The G2P beneficiary will be required to confirm their identify, before a G2P payment is released to them. G2P Payments that are not claimed within 14 (fourteen) days of their delivery will be returned to G2P Sending customer.

All unpaid G2P balances are returned to the Sending Customer’s account with 7-14 days.

Yes, a Sender can make multiple G2P Payments in a single transaction, as long as the total value of the payments does not exceed the daily e-payment transaction limit.

If a Sender's funds are insufficient to make payments to all named beneficiaries and to cover the transaction fee, no payments will be made.

A Sender can track the status of their G2P Payment by logging into their Paymaart account and viewing the transaction history.