Malawian banks to centralise ATMs

BUSINESS

|
Image: By BiztechAfrica
Malawian banks to centralise ATMs

By Gregory Gondwe, Lilongwe, Malawi

Auto-teller machines (ATMs) for Malawian banks are set to be linked to the same national switch centre, under a USD28.2 million Financial Sector Technical Assistance Project (FSTAP) funded by the World Bank.

The project, which is a joint initiative by the Malawi government in collaboration with Bankers Association of Malawi (BAM), is set to put together a centralised electronic payment system, into which all the computerised commercial banking systems will feed.

This will allow all customers of commercial banks in the country to access their money with their ATM cards at any bank.

The project is as a result of a 2008 World Bank-International Monetary Fund Financial Sector Assessment report which spelt out the need for Malawi to expand and improve access to finance following financial demand survey for Malawi of the same year, which established that only 26 per cent of the adult population is served by the formal financial institutions.

Reserve Bank of Malawi (RBM), which will be manning the centralized electronic payment system, launched the five-year project last week.

“The project is the bank's key intervention to improve the country's financial sector with more access to services among rural Malawians,” said RBM Deputy Governor Mary Nkosi during the launch.

She indicated that the project will increase financial inclusion and build supervisory and operational capacity by the government and the financial institutions for easy access to financial services.

FSTAP Project Manager MacDonald Mwale said the national switch centre will facilitate increased financial inclusion in the country.

He said the project will completely change the financial sector perception.

“It is going to strengthen the sector while at the same time easing public access to financial services," said Mwale.

This is in agreement with the World Bank vision for Malawi through the Financial Sector Technical Assistance Project.

The bank says the project aims to increase access to finance for the currently unbanked, but bankable, population of Malawi.

The World Bank said there are five components to the project, the first component being financial sector regulation and supervision.

Through the centralised system, the bank says RBM will be able  to strengthen the national financial sector regulation and supervision framework for banking, capital markets, microfinance, and the insurance and pension industries by financing a combination of reporting, diagnostic, and capacity building technical assistance activities.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

CNN, MultiChoice launch 20th African Journalist Awards

CNN International and MultiChoice this week officially launched the CNN MultiChoice African Journalist 2015 Awards.   Read More

Cokodeal.com aims to revive ‘made in Nigeria’

Cokodeal.com, describing itself as Africa’s largest medium for business exposure, is aiming to boost Nigerian manufacturers through greater online exposure. Read More

Leading African airline adds new payment options

ASKY, the leading airline in West and Central Africa, has partnered with PayGate and booking engine SITA to offer web-based booking to its customers for the first time. Read More

Francis Dufay takes the reins of Jumia in Côte d’Ivoire

E-commerce firm Jumia has formalised the appointment of Francis Dufay at the head of its subsidiary in Côte d’Ivoire.  Read More

MTN Uganda rewards women entrepreneurs

The 2015 edition of MTN Women in Business Awards have seen Mrs. Barbara Ofwono, the proprietor of Victorious Schools, scoop the overall Award of MTN Women in Business SME CEO of the year. Read More

Microsoft 4Afrika launches Biz4Afrika online SME hub

Microsoft 4Afrika used the opening of the Connected East Africa event in Diani, Kenya today to launch Biz4Afrika, an online hub providing Kenyan small and medium enterprises (SMEs) with access to locally relevant information and promote trade. Read More

BTCL, SA’s Vodafone seal partnership

Botswana Telecommunications Corporation Limited (BTCL) and South African based Vodafone have signed a non-equity partnership agreement.  Read More

Mascom Derby horse race extravaganza for Botswana

Mascom is doing it again this year with its annual Mascom horse racing event which has been on the Mascom calendar for at least 10 years. Each year during the Easter holidays, Botswana’s leading mobile telephony provider gets people to Botswana’s tourist resort of Maun for the race.   Read More

Togo women get down to ICT training, business

Women and girls came in numbers last week to attend the three-day Female TechCamp 2015 hosted in the capital Lomé. Read More

MTN Group Sustainability Report released

MTN Group’s efforts to advance social development in its markets through the integration of sustainable business practices into day-to-day activities, is yielding positive outcomes, the company’s Sustainability Report shows. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

e-commerce space untapped, says phonekings heade-commerce space untapped, says phonekings head

E-commerce is the future, says the head of a new online electronics mall launched in Nigeria. Tayo Olusanya spoke to Kokumo Goodie in Lagos.

IN DEPTH

Villagers get solar training at Barefoot College Villagers get solar training at Barefoot College

The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India. 

COMPANY NEWS

Schneider Electric sponsored runner wins 2015 Paris Marathon

Ethiopian runner, Meseret Mengistu (26), has won the prestigious 2015 Schneider Electric Marathon de Paris women’s race in 2:23:24. 

CNN, MultiChoice launch 20th African Journalist Awards

CNN International and MultiChoice this week officially launched the CNN MultiChoice African Journalist 2015 Awards.