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Banks challenged on digital transformation

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MATHAMBO—Digital technologies are improving the way we do banking

By Yohane Symon:

Commercial banks have been challenged to embrace digital transformation to help lower costs of banking in the country.

Reserve Bank of Malawi (RBM) Deputy Governor William Mathambo said this during this year’s Bankers Association of Malawi (Bam) Annual Lakeshore Conference in Mangochi District over the weekend.

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Mathambo said, globally, banks are embracing digital ways of doing business in responding to emerging trends.

“Digital technologies are improving the way we do banking; they are also in line with Malawi’s financial inclusion agenda because they are directly helping service providers reach out to a big population, which has been unbanked for a long time,” he said.

Mathambo said some banks might be forced off the market if they are stuck with old ways of doing business.

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The bankers’ conference was held under the theme ‘Embracing Digital Transformation Tomorrow, Today’.

Bam President Macfussy Kawawa called for concerted effort towards attaining the mark of fully digitalising the economy.

He then appealed to government to help in creating what he rated as a favourable environment for commercial banks and other players in the financial services sector.

“Local banks have been resilient and most of them have been making profits despite the world going through a lot of troubles like the Covid pandemic and the war in Ukraine, which have affected economies greatly. So, it is our hope that government will help us sustain this environment,” Kawawa said.

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