NBS Bank, which suffered a knock on its core banking system early this month, says it has invested K4 billion ($7,272,727) to install a new system called T24 R14.
The bank’s chief executive officer Bernadette Mandoloma said the new system will be up and running by February 2016.
Speaking on Friday in Lilongwe at the presentation of a grand prize of Nyumba Yanga Promotion to the winner, Mandoloma said T24 R14 is a new banking system which will revolutionise the art of banking as it is aligned to the latest global features.
She said: “This system will start operating in February 2016, replacing the one we are currently using. The new system will change the art of banking in Malawi.
“Our level of investment in improving the system has not been half hearted. We have spent about K4 billion ($7,272,727) in system upgrade. You may, therefore, be sure that we are revolutionising the art of banking in Malawi.”
Mandoloma said customers should expect to have innovative products from the bank. The new system will replace the old one.
When the system crashed, the Malawi Stock Exchange (MSE)-listed commercial bank did not open several of its service centres, and in the course of that, no customer could withdraw money from automated teller machines (ATMs) or counters. n