National Bank of Malawi (NBM), the Malawi Stock Exchange (MSE)-listed biggest bank by assets says it is determined to turn Malawi into a â€˜cashless societyâ€™ because the benefits are enormous.
NBM chief marketing officer Wilkins Mijiga, speaking on Saturday in Mangochi at the third annual conference of the Association of Business Journalists (ABJ), said the bank intends to do this through the promotion of MO626 Ice, Visa Point of Sale (POS) devices and bank-net online.
He said in the modern world, technology is driving all the business transactions and Malawi should not be left behind.
Mijiga said the bank does not want a situation in which people â€˜have to queue in banks and at Automated Teller Machines (ATMs)â€™ to transact their businesses.
â€œWe want to bring efficiency in bank transactions,â€ he said.
Mijiga said through MO626 Ice, a customer can transact business in the comfort of their homes through a mobile phone or a computer.
He said if all the benefits of using their products were aggregated could it result in huge savings for a customer.