The Reserve Bank of Malawi (RBM) has criticised commercial banks in the country for failing to addressing [customer] calls for improved services.
RBM director of bank supervision Eldin Mlelemba noted last Thursday that Malawians continue to suffer unfriendly banking services, including queuing for hours to get served.
He made the remarks at the official opening of FDH Bank Nchalo Branch in Chikwawa.
“The banking and financial industry is a highly competitive market and banks have a challenge to compete through quality of service they provide to customers. Banks should, therefore, endeavour to keep customers satisfied by offering superior products and delivering excellent service with speed,” he emphasised.
Mlelemba also asked the banks to commit themselves to the financial inclusion policy by extending their services to the unbanked and the finically excluded groups, saying this is critical for the realisation of the Malawi Growth and Development Strategy (MGDS) and Millennium Development Goals (MDGs).
Paramount Chief Lundu of Chikwawa tool advantage of the podium to tell bank owners to build their own structures ‘and stop kujudula [renovating] very old buildings.
“You’ll agree with me that almost all the banks in Malawi don’t build their own structures despite making huge profits. I feel it’s not fair kumangojudula [to simply improvise] structures, some of which were constructed during the colonial rule,” said Lundu.
FDH Bank board chairperson Dr. Eric Sankhulani said his institution will undertake a number of efforts, including tailor-made loan schemes aimed at supporting small and medium enterprises in the country.
Sankhulani also disclosed that the bank is introducing a variety of products and services, including point of sale (POS) and auto teller machines (ATMs) to ensure customers are able to access services even without physically going to their branches.
At the same event, FDH Bank handed over a donation of medical and hospital equipment to Montfort Hospital at Nchalo worth K1.5 million (US$3 030).