Nedbank migrates to new system, invests K3.2bn

Nedbank Malawi says it has invested K3.2 billion in the new core banking system called flexcube which will roll out on Monday.

In a statement on Tuesday, the bank’s managing director Paul Guta said the new system, which will help to enhance its Internet banking platform, has also been rolled out at Nedbank Namibia, Swaziland and Lesotho.

“The new core banking system will increase speed of transactions and bring a totally new Internet banking system. We expect seamless transition with far less disruptions,” he said, stressing that the launch follows months of planning and extensive work behind the scenes.

Migration of the core banking system for most banks has mostly been chaotic with a number of changes, but Guta assured their customers that their account numbers, automated teller machine (ATM) cards and cheque books will remain the same.

The roll out of the new banking system has been a collaborative effort of Nedbank teams from South Africa and Malawi.

Nedbank executive head (Flexcube business owner) Ernest Davidson said with the new system, the bank “will bring new products to the fore a little quicker”.

The bank has said in view of the transition, all Nedbank branches will be closed on Saturday and reopen on Monday and Internet banking will not be available from Friday afternoon to Monday morning but all ATMs will be functional during this period. n