By Taonga Sabola:
One of the country’s commercial banks, First Capital Bank, has introduced free internet banking services for customers.
The development comes at a time banks are bemoaning depressed margins from reduced interest earnings, on the back of recent cuts in bank rate and Lombard rate by the Reserve Bank of Malawi.
First Capital Bank Head of Transactional Banking and Marketing, Ewen Hiwa, s a id no monthly fees or transaction fees would apply to internet banking customers.
“This is unlike the practice in the market where banks either bundle their fees or customers pay transaction fees for most transactions done on such online platforms.
“This can only be celebrated as a new dawn is upon us where digital banking is the way to go and banks that would be at the fore of promoting the adoption of e-Banking as manifested by First Capital Bank need to be commended,” Hiwa said.
He noted that the move was aimed at encouraging the bank’s existing and prospective customers to adopt the convenient and cheaper way of banking.
“We have developed a world-class banking platform, and with it comes a robust array of digital services that will delight our customers.
We would be unveiling these services over the course of the year but we are geared to rock the market,” Hiwa said.
Recently, First Capital Bank also revamped its internet banking platform to give it a more intuitive interface with features such as bulk payments, tax payments and many other facilities.
First Capital Bank is a subsidiary of FMB Capital Holdings, a Group incorporated in Mauritius and listed on the Malawi Stock Exchange that has a controlling interest in banks which operate as First Capital Bank in Malawi, Botswana, Zambia and Zimbabwe and as Capital Bank in Mozambique.
The banking group was founded in Malawi in 1995 as First Merchant Bank.