Electronic transactions can decongest banking halls—NBM

 

National Bank of Malawi Plc (NBM) says electronic transactions have the potential to decongest banking halls as customers transact in the comfort of their homes and offices.

Most of the country’s banking halls are characterised by long winding queues as most customers want to transact over the counter to make deposits and withdrawals.

NBM head of cards and e-banking division William Kaunda said they want customers to use electronic devices such as phones and computers to undertake bank transactions because it is time and cost saving.

Kaunda: We have taken a bold step

“As a bank, we have taken a bold step to introduce more electronic services and products because we know technology is here to stay. Currently, over 80 percent of our transactions with our customers are electronic and we want this culture to be deepened further. The products we have introduced are sophisticated and cannot be tampered with easily,” he said in Lilongwe on the sidelines of a cocktail the bank organised for its Central Region customers.

Kaunda said apart from launching credit cards in May this year, the Malawi Stock Exchange (MSE)-listed bank has also launched a platform where customers can pay taxes to the Malawi Revenue Authority (MRA) using their phones and computers at their convenience.

“We want to ensure that we make lives of our customers simple. Some customers fail to pay taxes not because they do not want, but due to time constraints,” he said.

Commenting on the security of the new cards and other e- electronic services they offer in view of cyber crime, Kaunda said

National Bank of Malawi Plc (NBM) says electronic transactions have the potential to decongest banking halls as customers transact in the comfort of their homes and offices.

Most of the country’s banking halls are characterised by long winding queues as most customers want to transact over the counter to make deposits and withdrawals.

NBM head of cards and e-banking division William Kaunda said they want customers to use electronic devices such as phones and computers to undertake bank transactions because it is time and cost saving.

“As a bank, we have taken a bold step to introduce more electronic services and products because we know technology is here to stay. Currently, over 80 percent of our transactions with our customers are electronic and we want this culture to be deepened further. The products we have introduced are sophisticated and cannot be tampered with easily,” he said in Lilongwe on the sidelines of a cocktail the bank organised for its Central Region customers.

Kaunda said apart from launching credit cards in May this year, the Malawi Stock Exchange (MSE)-listed bank has also launched a platform where customers can pay taxes to the Malawi Revenue Authority (MRA) using their phones and computers at their convenience.

“We want to ensure that we make lives of our customers simple. Some customers fail to pay taxes not because they do not want, but due to time constraints,” he said.

Commenting on the security of the new cards and other e- electronic services they offer in view of cyber crime, Kaunda said the bank uses robust means to test its products and services and this time around they used cyber experts from Kenya.

“They tested our products and systems for a considerable period of time and they failed to penetrate. We do not compromise on security and our customers should be rest assured that their money is safe with us,” he added.

The bank’s corporate affairs manager Annie Magola said they want more customers to use their phones to transact with the bank.

“Even customers who use basic phones known as Mose Wa Lero can transact with us,” she said

Sadm Pharmaceuticals Group financial controller Sumaira Haroon said electronic transactions can make employees productive.

“Sometimes employees spend hours on end just to transact in a banking hall and by introducing e-banking services and making them available to all shows that the bank really cares for its customers.

“By also allowing its customers pay taxes to MRA using its platforms, it will also make the relationship between MRA and its customers better,” she said. n

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