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Standard Bank digital transactions up 20%

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BY CHIMWEMWE MANGAZI

Malawi Stock Exchange-listed Standard Bank Malawi has said it has registered a 20 percent jump in traffic on its digital banking platforms over the past 30 days.

Standard Bank Malawi Head of Personal and Business Banking, Margaret Kubwalo Chaika, attributed the growth to the ongoing Kuwupeza promotion.

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The promotion, which started in May, requires customers to save not less than K20,000 and transact at least twice on any of the bank’s digital channels to win various cash prizes to enhance uptake of mobile and internet innovations among its customers.

Speaking during the first draw of the promotion, Chaika said the bank is impressed with the development and expects the trend to increase in the remaining two months of the promotion.

“A total of 3,591 customers have maintained their minimum balances into the Pure Save, Transact Plus and Current accounts and they also transacted at least twice on our digital platforms during the period.

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“This clearly demonstrates that digital transactions have become the new norm in banking. Standard Bank’s digital products and services are designed to add value to the country’s economy by helping to improve national payments and customer transactions,” Chaika said.

She further said the increase in digital transactions underscores the versatility of the bank’s digital banking, thereby enhancing financial inclusion in the country.

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