FDH eMoney to empower unbanked
FDH Bank on Friday reaffirmed one of its aspirations to make banking enjoyable and easier through technology with the launch of FDH eMoney set to empower the unbanked population with affordable and innovative banking solution.
With the innovation, the bank hopes to increase the number of people using financial services.
Figures show that the number of people accessing bank services in the country is steadily on the rise and has jumped by 14 percent within five years with financial inclusion figures now at 54 percent from 45 percent in 2008, according to a 2014 consumer study by South Africa-based Finmark Trust.
In a partnership with Airtel Malawi, the bank will be offering a mobile money solution suitable for both individual and corporate customers and agents. This means that customers on FDH eMoney can transact using their e-value and cash sitting in the account interchangeably upon registering with Airtel Money.
FDH Bank managing director Phillip Madinga, who signed the agreement on behalf of the bank, said they partnered with Airtel Malawi to provide a robust mobile banking solution through Airtel Money.
“FDH eMoney is suitable for both personal and business customers, including small and medium enterprises [SMEs] who have been the backbone of our growth over the past few years.
“We expect that the various Airtel Money agents, most of whom are SMEs spread nationwide will benefit from this service. This strategic partnership with Airtel Malawi indeed aims to create enjoyable banking, by being simple, secure and instant,” he said.
Once a customer registers for the services, it means he or she will no longer have to queue at most of the utility companies to pay bills and conduct money transfer. The service also provides convenience to customers since they can transact anywhere.
Airtel Malawi chief commercial officer Charles Kamoto said nowadays it is about simplicity and convenience when it comes to service delivery.
“This digital generation is about ease and time is here now that we must take customers not just away from the banking hall, but actually deliver the service more remotely at their fingertips,” he said.
Kamoto said the partnership will transform the landscape of e-banking services in Malawi, adding that the two organisations will combine their strengths to offer mobile banking services to Malawians at the touch of a button in the comfort of their homes.
“The mobile money platform should not be seen as a competition to consumer banking but instead as a catalyst to services offered by FDH Bank. Malawians can only benefit from greater convergence between conventional banking services and the mobility that mobile telephony offers,” he said.
Utility companies that are on Airtel Money are Blantyre Water Board, Lilongwe Water Board, Southern Region Water Board, Electricity Supply Corporation of Malawi (Escom) and Multichoice.
