Malawi Stock Exchange (MSE) listed, National Bank of Malawi (NBM), has said its newly formulated five year strategic plan will mainly focus on complete digitalisation of its core banking systems as electronic banking takes centre stage in the country.
The strategic plan runs between 2018 and 2022, a period through which the bank says would see online banking become the obvious alternative for traditional brick and mortar.
NBM General Manager, Harold Jiya, said this in Blantyre on Wednesday during an ICT fair and customer sensitisation cocktail the bank hosted.
Jiya said considering technological advancements, the bank is facilitating transaction at the customers’ finger tips.
“We are now implementing a new strategic plan, among the top pillars is digitalisation and in fact, this is the main pillar. We are reviewing all our processes and digitalising all our services and products,” Jiya said.
He said the move will further help in cost cutting while passing the benefit on to the customer.
Jiya said gradually most transactions will be conducted on line, with the traditional brick and mortar meant for specified transactions.
“Ultimately, in a few years, there will be less brick and mortar in the country. If we make sure that most of the banking is made through the phone, then surely we will not need people to come to the banking halls except for specified transactions,” Jiya said.
At the event, the bank showcased its electronic banking services including; Electronic Funds Transfer, MRA Payments System, MO626 Digital.
One of the customers, Sara Dimba, touted the forum, rating it as ideal for exposure and comfortable banking experience.