NBS Bank invests K4bn in new banking system

Malawi Stock Exchange (MSE)-listed NBS Bank says it has invested K4 billion ($6,557,850) in a new core banking system to facilitate better service provision to its customers.

NBS bank chief operating officer Martin Siwu told Business News on Thursday the investment is part of its commitment to expand and improve services and system in the coming year.

He said with the innovation the bank expects to provide improved banking transactions in terms of speed and ease.

He said: “Looking ahead, we want our customers to see a different bank in 2016 with better and new services and products to ease banking experience.”

Siwu, who is also the head of credit, hinted that the bank’s trading business, particularly the forex business, was affected by the policy challenges this year.

He said high interest rates posed a challenge to the bank’s business.

“High lending rates are hampering credit growth which fuels growth of the private sector.

“When capital is too expensive, it becomes a challenge not only for the businesses, but for the banks as well,” he said. n