Reserve Bank of Malawi (RBM) has challenged commercial banks to strike a good balance between profits and provision of high quality banking services to reduce the number of complaints related to poor services in banking halls.
RBM deputy governor for responsible for supervision Grant Kabango said this on Wednesday in Lilongwe on the sidelines of the official opening of a new Nedbank (Malawi) Limited branch at the Gateway Mall.
He said for quite some time, Malawians have been complaining about long queues and unreliable automated teller machines (ATMs) services.
Kabango also highlighted the need for banks to be transparent on charges as some customers still complain of high bank service charges.
“While it is appreciated that the cost of providing banking services and infrastructure can be significantly high, it is also important that the level of banking charges should be commensurate with the quality of service.
“Striking a satisfactory balance between bank profitability on one hand and the provision of good banking service to all sectors of the community on the other, is a challenge which all commercial banks should seriously address,” Kabango said.
He warned that RBM’s Complaints Handling Committee, which the bank set up, is inundated with complaints from customers and, as a bank, it cannot just sit idle but make sure that customers’ concerns are solved by holding concerned banks responsible.
“Through the committee, grievances have been recorded. There are a wide range of issues from customers not satisfied with bank services to cries for commercial bank reforms,” said Kabango.
In a separate interview, Bankers Association of Malawi (BAM) president Misheck Esau said commercial banks must do better to reduce customer complaints.
“I entirely agree with Kabango’s sentiments as regards complaints from customers. We need to do better,” he said. n