Lack of adequate level of telecommunications infrastructure, human capacity development and capital are some of the challenges that developing countries face in adopting mobile banking . However (Proenca and Rodrigues, 2011) postulate that e-banking allows banks to expand boundaries, change strategic behavior and create many new opportunities that can significantly reduce the physical costs of banking operations. However, for banks to expand boundaries, they need an agent network which (Berger, 2009), argues that building an agent network is a challenge that hinders the growth of mobile banking services in Malawi. This is because it is much easier for banks to negotiate partnership agreements with chain stores because they have centralized administration unlike individual shopkeepers. Unfortunately, most shops in rural areas are privately owned. This involves negotiating agreements on a point-by-point basis. The lack of a regulatory framework for mobile banking in developing countries is another challenge that hinders the growth of mobile banking in developing countries. According to Lyman et al. (2006) as cited in (Pakistan, 2007) regulatory issues, from the financial regulator's perspective, regarding mobile banking are related to consumer protection, the effect of Mobile Banking on the stability of banking and payment systems , the legal definition of deposit, the regulations on electronic money and provisions on agency contracts. In Malawi (Berger, 2009) argues that mobile banking is such a new industry that central banks and other government bodies are only now developing regulatory guidelines. Regulators want to ensure that consumers are protected and that banks and telecom companies do not take on excessive or half-papered 3G mobile services. Journal of Information Technology Management XXII, , 1-7.TEO, T., URSAVAS, Ö. F. & BAHÇEKAPILI, E. (2011) Efficiency of the technology acceptance model for explaining pre-service teachers' intention to use technology: a Turkish study. Campus -- Wide Information Systems, 28, 93-101.TSELIOS, N., DASKALAKIS, S. & PAPADOPOULOU, M. (2011) Assessing acceptance of a blended learning undergraduate course. Educational Technology & Society, 14, 224-235.WEF (2006) Amplifying the Impact: Examining the intersection between Mobile Health and Mobile Finance. Geneva Switzerland, 91- 93 route de la Capite CH – 1223 Cologny/.WESSELS, L. & DRENNAN, J. (2009) An Investigation of Consumer Acceptance of M-Banking in Australia. ANZMAC 2009.WORTHINGTON, S. & WELCH, P. (2011) VIEWPOINT Banking without the banks. International Journal of Banking Marketing, 29, 190-201.