Standard Bank says it has managed to increase cashless transaction through its Cashback promotion which has been running over the past three months.
So far, the bank has given out a total of K25 million to encourage its customers to use Visa Card for purchases.
Speaking during the final draw of the promotion in Lilongwe, Standard Bank Head of Channels, Andrew Santhe, said the promotion has demonstrated that Standard Bank continues to take a leading role in driving innovative and tailored services to the country’s banking population.
Santhe also said Cashback has promoted financial inclusion in Malawi as the promotion was open to people not banking with Standard Bank.
“Based on activities of the promotion, Standard Bank would like to register and put on record that if entrenched, the culture of using Visa debit cards and other electronic payments will spur economic growth as the financial services sector passes on to the rest of the economy efficiencies such as saving on time, transportation, and most importantly providing security of bank customers and their money,” Santhe said.
During the draw, five people were given their cash back after making payments with Visa Card.