Malawian banks to centralise ATMs
BUSINESS| Feb. 3, 2012, 5:41 p.m.
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.
MORE BUSINESS NEWS
DHL to invest millions of Euros across SSA in 2015DHL plans to invest millions in upgrading its shipment handling systems and facilities in SSA this year. Read More
Ebenezer Asante to assume CEO role of MTN GhanaEbenezer Twum Asante will officially assume the position of Chief Executive Officer for MTN Ghana, effective 1st July, 2015. Read More
Nomanini scales West African footprint with Transaction Solutions partnershipSouth African-based portable Point of Sale (PoS) service provider Nomanini has signed an exclusive agreement with Transactions Solutions Ghana Limited to substantially scale numbers of its cloud-based PoS terminals in Ghana. Read More
Online procurement system for East Africa goes liveKenyan IT start-up M-Tenders Systems has created East Africa’s first live online procurement system, www.m-tenders.com. Read More
Customer experience starts with staff experienceCompanies seeking to improve customer experience to boost business may be overlooking a critical component in the mix: staff, says new Interactive Intelligence research. Read More
MasterCard, Ecobank Group to accelerate e-payment in SSAEcobank, Africa’s largest bank by geographical reach, will roll out MasterCard payment solutions to millions of its customers in Africa. Read More
Travellers more tech savvy78% of global travellers are using digital information while planning their trips; 66% resorting to digital sources for travel tips at the destination, says Visa. Read More
Standard Chartered appoints Chief Innovation OfficerStandard Chartered Bank says it has appointed Ms Anju Patwardhan as the Bank’s first Group Chief Innovation Officer, effective 1 July 2015. Read More
Cameroon: a well-kept investment secretThe investment opportunities in Cameroon are wide open, believes Africa strategy advisor for Moore Stephens, Jeff Blackbeard, who recently met with Cameroonian Prime Minister Philémon Yang. Read More
FEATURED STORYIHS plans to inject fresh $500m to grow capacity
Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.
COMPANY NEWSMTN Business expands partnership with Samsung to offer enterprise customers increased security
Samsung Electronics South Africa has announced that MTN Business has been appointed as a reseller of Samsung’s KNOX licenses to its customers.