National Bank of Malawi hypes use of electronic banking
National Bank of Malawi (NBM) is promoting the use of electronic banking services to keep up with the changing dynamics in the financial services sector. As part of the process, NBM has made improvements to its MO626 service, one of the cash transfer platforms available at the bank.
Some of the improvements made will allow institutions to transact using the MO626 platform without having to visit the bank.
The changes are expected to reduce cases of financial mismanagement in organisations, according to Head of Cards and e-banking Division at NBM, William Kaunda.
“We have created MO626 payment service for institutions. The new system is very secure and institutions will be given codes which can be used to make cash transfers,” said Kaunda. He was speaking during a breakfast meeting for the media held in Blantyre.
Institutions on the new MO626 platform will be required to pay transactional fees of 1.5 percent to access the service and Kaunda said already, some academic institutions have expressed interest to use the new platform.
“After the transaction is made, both the sender and receiver will get an instant notification on the successful transaction through mobile SMS,” he said.
Kaunda said interested institutions are encouraged to apply by filing a form at any NBM service center