Standard Bank launches Instant Interbank Transfers


By Frank Phiri, contributor:

Standard Bank Malawi plc has unveiled an Instant Interbank Transfers facility where customers can send money from its 247 Mobile to other local banks, vice versa, in real time.

The added convenience means the transactions are no longer limited to normal banking hours.


Standard Bank Head of Consumer and High Net Worth Clients Charity Mughogho said the move seeks to offer convenience and security to customers.

“The launch of instant inter-bank transfers on *247# comes at the right time as we enter the festive season when we celebrate several holidays throughout the world and here in Malawi,” Mughogho said.

She said there is a high volume of transactions which were being initiated after the inter-bank transfer windows had closed.


Such transactions would be delayed until the following business day or next available clearance window.

“As a bank, we know aware how crucial time is and the instant transfers solution will keep up with the fast-paced transactional needs of our customers. The solution is accessible through the USSD channel (*247#) which is available on all mobile devices from feature phones to smartphones,” she said.

This initiative aligns with the bank’s strategy of being responsive to customer needs while matching the brand purpose: ‘Malawi is our Home; We Drive Her growth’.

Growth and development are closely tied to more people getting access to financial services as and when they need them. Instant inter-bank transfers will also reduce queues in banking halls and provide customers safety through seamless transfers instead of handling hard cash between different banks.

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