RBM calls on banks to initiate bank access

The Reserve Bank of Malawi (RBM) has called on commercial banks to adopt means of attracting customers to reduce the number of people who do not have access to financial institutions.

RBM director of bank supervision Eldin Mlelemba made the call on Friday when he officially opened Mzuzu Nedbank Branch, the first in the North and the sixth outlet in the country.

He said it is sad to note that a study by Finscope, a South Africa-based institution specialised in research, found that 80 percent of adults do not have access to a financial institution.

He said it is the duty of the banks to ensure that more people have access to banks.

Mlelemba commended Nedbank for opening the Mzuzu outlet which, he said, will help increase access to banks.

He called on the bank to continue expanding so that it has a big customer base.

Mlelemba said RBM is in the process of developing a national strategy for financial literacy so that more people are sensitised about banks.

He said RBM is also encouraging agent banking, mobile banking and customer identification to help increase access. He said some of the efforts will also help combat crime.

Nedbank acting managing director Racheal Kawawa said the bank will provide people with the best services possible.

She said the financial institution believes in customers’ satisfaction.