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

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

Senegal seeking ICT investment opportunities in Mauritania

Mauritania, an impoverished nation in West Africa, is a largely untapped ICT market, according to many Senegalese industry players. A group of ICT companies from Senegal recently visited Mauritania to find out if this statement is indeed true. Read More

Schneider Electric releases the first survey on counterfeit electrical products in Africa

Counterfeiting of most common electrical products is widely spread in all African countries, representing 40% to 80% of their markets, says a new survey. Read More

MTN Business launches services that will host SMEs securely on its domain

MTN Business has launched Bring Your Business Online, a platform that gives small and medium-sized businesses (SME) increased visibility by providing online presence on the MTN managed domain for less than R20 a month. Read More

Job fears in Senegal as Tigo outsources network management

People working for Tigo Senegal are worried about their jobs after the mobile operator signed an agreement that handed over the management of its network to the Swedish telecom giant Ericsson. Read More

JUMIA Côte d’Ivoire expands its operations

JUMIA has opened six new hubs in Cote d’Ivoire in the cities of Yamoussoukro, Bouaké, San Pedro, Daloa, Gagnoa, and Korogho.  Read More

US firm Actifio drives into African markets

US based company Actifio, which specialises in copy data virtualisation, has revealed its plans for the expansion of its footprint in the African markets. Read More

Richard Edet appointed Country Senior Officer for Alcatel-Lucent Nigeria

Alcatel-Lucent has announced the appointment of Richard Edet, effective today, as Country Senior Officer and managing director for Nigeria. Read More

Africans to surge up the ranks of ultra-high-net-worth individuals

The number of ultra-high net worth individuals – those with at least $30 million in assets – in Africa will increase by a staggering 59% over the next 10 years, stronger than the 34% projected global growth. Read More

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.  Read More

PRESS OFFICES

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

FEATURED STORY

2bn priced out of internet access2bn priced out of internet access

A new report from the Alliance for Affordable Internet shows that the price of broadband remains prohibitive for billions in developing and emerging countries, with women and rural dwellers hardest hit.

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.