Reserve Bank of Malawi (RBM) has challenged commercial banks and other financial institutions to come up with innovations that will make life easier for customers.
RBM deputy governor for bank supervision Grant Kabango said this in Lilongwe on Thursday when MyBucks Banking Corporation launched its new digital services called Flex Online.
He commended MyBucks Banking Corporation, which recently bought 100 percent stake in Nedbank Malawi, for the new digital platform which will enable customers to access loans and doing carry out all banking transactions on a mobile phone or computer.
Kabango also cautioned commercial banks to ensure that their risk management system is well placed to contain any risks that may come with new innovations.
“RBM believes that digital banking will address customers’ frustrations such as queuing in the banking halls and breakdown of automated teller machines [ATMs], among others,” he said.
In her presentation, MyBucks Banking Corporation chief executive officer Zandile Shaba said the financial institution is one of the fastest growing banks in the country as customers have grown from 3 421 in 2015 to 108 000 last year.
She said the bank, which believes in simplified banking, has nine branches across the country with five sales offices and 76 agents and 10 ATMs.
MyBucks, formerly New Finance Bank, is also the first bank to open a branch at Dzaleka Refugee Camp in Dowa and also the first to list a corporate listed bond of K12 billion on the Malawi Stock Exchange. She said: “In terms of our customer base, we bank even those that are considered unbanked.