National Bank of Malawi (NBM) has encouraged its customers to embrace new electronic banking platforms that offer convenience and minimise congestion in banking halls.
NBM chief market analyst Wilkins Mijiga, speaking in an interview this week, observed that banks such as Malawi Stock Exchange (MSE)-listed NBM have invested heavily in technology and innovative platforms such as mobile and Internet banking yet many people were still flocking to banking halls.
He said: “With our mobile banking platform Mo626, you don’t need a smartphone to make transactions. Through the platform, you can pay for water, electricity both post-paid and pre-paid, pay television subscription and even insurance premiums at your convenience.
“You can also transfer funds from your account to other parties within National Bank or in other commercial banks. Ordinarily, people can do 99 percent of the transactions on their phone as long as it is enabled to send and receive SMS [short message service].”
Mijiga said electronic banking transactions also help customers to embrace a saving culture and give bank notes a longer lifespan as there is less exchange of cash.
Put to him that many times the platforms, including point of sale (PoS) devices and automated teller machines (ATMs) let customers down as they malfunction, Mijiga acknowledged the shortfalls but urged customers not to give up.
“It is natural that platforms face challenges, but that should not stop us from using them. Imagine if every time a motor vehicle was involved in an accident everyone stopped driving, there will be no movement.
“We regret the inconvenience, but we are committed to improve. We will do our best to minimise the downtimes,” he said.
NBM is the country’s biggest bank by assets and has several electronic banking platforms, including Internet banking and Mo626ice.