RM1 Billion For eMADANI Expected To Benefit Up To 10 Million Malaysians

Wire

RM1 Billion For eMADANI Expected To Benefit Up To 10 Million Malaysians

The Malaysian Ministry of Finance has unveiled a substantial allocation of RM1 billion for the eMADANI financial relief program, aimed at providing assistance to an estimated 10 million Malaysians. The registration period for eMADANI’s e-cash credit is scheduled to commence on December 4, 2023, running until February 20, 2024. The allocated credits can be utilized until February 29, 2024.

The eMADANI program is designed to target Malaysian citizens aged 21 and above, encompassing both the B40 and M40 groups, with an annual income of RM100,000 or below, or individuals receiving Cash Assistance Rahmah (STR). Each eligible individual will receive a one-time e-cash contribution of RM100 under the eMADANI program. The initiative involves collaboration with four e-wallet service providers: MAE, Setel, ShopeePay, and Touch ‘n Go eWallet.

As announced by Prime Minister and Finance Minister YAB Dato’ Seri Anwar Ibrahim during the second reading of the 2024 Budget Bill, the eMADANI program aims to disburse financial assistance to eligible Malaysians. The government has allocated RM1 billion for this initiative, building on its introduction during the MADANI Economy framework launch on July 27, 2023.

eMADANI serves as a continuation of the successful eBeliaRahmah program and operates with three key objectives – boosting the income of micro, small, and medium enterprises (MSMEs), promoting cashless payments, and directly benefiting the people.

Approaching the year-end and the school holiday season, the government envisions that the eMADANI contribution will alleviate financial burdens on citizens, simultaneously fostering a cashless payment culture, according to YAB Dato’ Seri Anwar.

The implementation of the eMADANI program, set to begin next Monday, aligns with the government’s commitment to expedite measures supporting the country’s digital economic agenda and directly aiding the people.

Participating e-wallet service providers, including MAE, Setel, ShopeePay, and Touch ‘n Go eWallet, will not only distribute the RM100 e-cash from the government but also provide additional incentives such as vouchers, cashback, discounts, or reward points throughout the program.

The eligibility criteria are clear:

Malaysian citizens aged 21 and above as of January 1, 2023, and recipients of Cash Assistance Rahmah (STR) based on records on November 7, 2023; or
Individuals with an income of RM100,000 and below per year based on the records of the Inland Revenue Board of Malaysia (LHDNM) as of July 15, 2023.

The registration and claims period for eMADANI will begin at 8:00 AM on December 4, 2023, and extend until February 20, 2024, through the chosen user’s e-wallet service application. While the utilization of eMADANI credits and benefits from participating e-wallet service providers can only be made physically until February 29, 2024.

eMADANI credits can also be employed through retailers/businesses accepting payments via DuitNow QR codes using one of the e-wallets involved in the program, subject to permitted transactions.