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Nat Switch ATM withdrawals soar in May

Automated Teller Machine (ATM) cash withdrawals through the National Switch (Nat Switch) service increased in May, with records indicating 21 991 ATM cash withdrawals were made, representing a 123 percent jump.

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The Reserve Bank of Malawi (RBM) monthly national payment system report for May 2015 shows that transaction value rose by 125.9 percent to K344.5 million (US$765 556) from K152.5 million (US$ 338 889) over the same period the year before.

Nat switch steering committee chairperson William Kaunda in an e-mailed response to questions on Friday said Nat Switch has brought in additional efficiency in the way member banks are providing ATM services to their customers.

“Each participating bank has increased its access points making them available where they may not have been available,” he said.

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