Malawian banks to centralise ATMs
BUSINESSBy BiztechAfrica - 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
Further African expansion for PhoenixPhoenix Distribution, a leading broad-based distributor on the African continent, has expanded its office in Nairobi, Kenya, in a move to better serve its partners in East Africa. Read More
Garmin seeks business partners in West AfricaGarmin is hosting a trade delegation in Accra, Ghana from the 12th to 16th May 2014. Read More
Orange Telkom not closing Kenya business: GhosseinSpeculation that Orange Telkom Kenya would be closing its Kenyan operations has been put to rest. Read More
Dimension Data enters Ghana’s IT marketDimension Data, a South Africa-based ICT solutions and services provider, has announced its entry into the Ghanaian ICT market. Read More
Glo rewards business partnersGlobacom has showered 53 high-end vehicles and other prizes on its trade partners responsible for distributing Globacom’s products and services across Nigeria. Read More
Worldwide PC shipments declineWorldwide PC shipments totalled 76.6 million units in the first quarter of 2014, a 1.7 per cent decline from the first quarter of 2013, according to preliminary results by Gartner Read More
Axis Solutions becomes first VMware Premier Partner in the WECA RegionAxis Solutions, a Pan-African ICT solutions provider headquartered in Harare Zimbabwe, is the first VMware partner to become a Premier Partner within the WECA region. Read More
Nigeria to spur Oracle's African driveOracle Corporation has assured that Nigeria will be the centerpiece of its developmental drive in Africa. Read More
Pivot East nurtures promising startupsPivot East, an innovative mobile web competition geared towards nurturing the growing ICT talent in East Africa, is providing an ideal platform to grow mobile web startups. Read More
Phoenix Distribution unveils new, interactive websitePhoenix Distribution, currently the leading value added software and CES distributor across the African continent, has redesigned its website, making it easier to use for clients and partners alike. Read More
FEATURED STORYKenyan shift to Green Economy would generate USD 45bn by 2030
Kenya’s transition to a green economy could produce major economic benefits equivalent to an estimated USD 45 billion by 2030, a new study shows.
BEST READ NEWS
IN DEPTHE-waste threatens Ghana’s beaches
Many beaches in Ghana, already stressed by pollution and poor maintenance, are now facing a new threat: e-waste.
COMPANY NEWSFurther African expansion for Phoenix
Phoenix Distribution, a leading broad-based distributor on the African continent, has expanded its office in Nairobi, Kenya, in a move to better serve its partners in East ...