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National Bank of Malawi unveils cardless withdrawal service

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National Bank of Malawi (NBM) plc Thursday launched an innovation where customers will be withdrawing cash on its Automated Teller Machines (ATM) without a card.

To use the services, customers will generate a onetime pin on the bank’s Mo626 Digital Plus mobile application and send it to a phone number that will be queried by the ATM during the transaction.

NBM Head of Cards and e-Banking, William Kaunda, said the innovation

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is part of the bank’s initiative to enhance customer experience through the provision of innovative products and services that provide convenience.

“We introduced the contactless payment service in January this year, then proceeded to reveal our upgraded internet banking service- Banknet 360, which is gaining traction with most of our retail and corporate customers. Use of such services has grown by over 30 percent in the past two months,” Kaunda said.

He said the innovation among several digital products that the bank is rolling out in 2020.

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