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MSB launches cash deposit ATMs

The Reserve Bank of Malawi (RBM) has observed that advanced and innovative banking services could play a critical role in stimulating financial inclusion in the country.

RBM deputy governor responsible for supervision, Grant Kabango, made the observation on Wednesday when he officially launched cash deposit autoteller machines (ATMs) in Blantyre.

The cash deposit ATMs, the first of its kind in Malawi, are an innovation by the Malawi Savings Bank (MSB) to allow its customers make cash deposits at anytime even after the bank is closed.

Kabango said as Malawi strives to develop her financial sector; players needed to introduce more advanced and innovative banking facilities that can help banks reduce their operational costs.

He was, however, quick to plead with commercial banks to reflect the innovations in reduction of charges and fees to attract the unbanked thereby promoting government’s financial inclusion agenda.

“With the cash deposit ATM, the public will have no excuse not to keep their cash in banks. The 24/7 deposit platform provides banking services that should cater for customers’ convenience,” said Kabango

He added: “The service is also expected to act as a risk mitigating factor, as businesspersons and individuals will no longer keep cash in their homes and offices because banks have closed.”

In his remarks, MSB chief executive officer, Ian Charles Bonongwe, said the installation of the cash deposit ATMs is a sign that they are living up to their motto of being ‘today’s people’s bank’.

Bonongwe disclosed that the new banking solution will not only give customers freedom and convenience to transact anytime of their choice, it will also reduce congestion in the banking halls.

“We’ve taken and step and we’ll continue exploring more and better innovations to meet and satisfy our clients’ needs,” he said.

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