MSB migrates to own EFT

BUSINESS

|
Image: By BiztechAfrica
MSB migrates to own EFT

By Gregory Gondwe, Blantyre, Malawi

After months of preparing ground work the Malawi Savings Bank (MSB) last week finally migrated to its own Electronics Funds Transfer (EFT) switch years after depending on a platform for the service provided by the central bank owned Malawi Switch Centre (Malswitch).

Last month, the state-owned bank announced the completion of the installation of its new EFT and was asking its customers to start applying for new ATM cards.

In the last month announcement the bank touted the initiative as highly advanced.

And indeed for the first time, MSB has become the first bank to launch an ETF that will not only enable the bank to provide cash withdraws through the automated teller machines (ATMs) but it will also allow for ATM deposits.

Until this facility, no bank in Malawi was providing such kind of a facility.

At the launch of the facility, the Bank’s Chief Executive Officer Ian Bonongwe acknowledged this specialty: "None of the ATMs we have on the market offer this facility.”

He said that at the moment, if customers in Malawi want to deposit money, then they have to walk into the banking hall.

Initially, the new ATMs that will accept deposits have been installed in five strategic points in the cities of Blantyre, Lilongwe and Mzuzu.

“All the other ATMs will soon be configured to also accept deposits,” said Bonongwe, who disclosed that overall, the bank has installed 25 new ATMs countrywide.

The bank adds that this platform will drive ATMs and Point of Sale devices and with the implementation of the switch the bank is now issuing new ATM cards branded iCash cards.

Under the new switch, the bank has introduced four cards, namely; I-Cash classic to allow a customer withdraw up to K50 000 (about $166), and the I-Cash silver with a limitation of K70 000 (about $233).

The others are I-Cash gold which has a maximum withdrawal of K100 000 (about $333) while the top most one is called the I-Cash platinum that will allow withdrawal of up to K150 000 (about $500).

Bonongwe said they had increased the number of ATMs to make sure that they cover all the agencies and branches that they are operating in. 



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

MTN Business launches Supplier Development Programme in Mpumalanga

MTN Business has reaffirmed its commitment to develop small and medium-sized enterprises (SMEs) within Nelspruit by extending its Supplier Development Programme (SDP) and Accelerator Programme (AP), the company’s enterprise development initiatives, to the Mpumalanga Province of South Africa.  Read More

VMware appoints Senior Vice President and GM of EMEA

VMware, a global leader in cloud infrastructure and business mobility, today announced the appointment of Jean-Pierre Brulard as Senior Vice President and General Manager of EMEA.  Read More

InfoGraphics chief urges investment in tech start-ups

The Managing Director of InfoGraphics Nigeria, Chinenye Mba-Uzoukwu, has urged wealthy Nigerians to invest in tech start-ups. Read More

Convergence Partners acquires stake in Nigerian Fintech firm

Convergence Partners has announced an investment of $20m for a strategic, minority stake in Venture Garden Nigeria. Read More

MTN Business augments its management team further with key strategic appointment

MTN Business SA has appointed an industry veteran, Mariana Kruger, as General Manager of Private Sector.  Read More

SA Competition Tribunal approves Telkom-BCX merger

Business Connexion Group Limited has announced that the Competition Tribunal of South Africa has approved the proposed merger between Business Connexion Group Limited ("BCX") and Telkom SA SOC Limited ("Telkom") with the imposition of conditions. Read More

Kenyan SACCOS riding on innovation to attract customers

As confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative. Read More

BITC invites ICT investors

The Botswana Investment and Trade Centre (BITC) is casting its net wide to appeal to players in the Information Technology sector to invest in the country. Read More

Yudala ‘an unstoppable movement’

Yudala VP Stanley Uzoechina, Access Bank CEO Herbert Wigwe and Zinox CEO Leo Stan-Ekeh The opening of Yudala outlets, combining an online shopping platform with retail stores, has been described as a game-changer in Nigeria. Read More

Travelport, TTS sign reseller agreement for Africa, Middle East and Asia Pacific region

Travelport and TTS have signed a sales and distribution agreement for TTS products in the Africa, Middle East, and Asia Pacific regions. Read More

PRESS OFFICES

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

FEATURED STORY

Young innovators shine during pitch sessionsYoung innovators shine during pitch sessions

Botswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week.

IN DEPTH

High tech homes: Just press playHigh tech homes: Just press play

High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.

COMPANY NEWS

MTN Business launches Supplier Development Programme in Mpumalanga

MTN Business has reaffirmed its commitment to develop small and medium-sized enterprises (SMEs) within Nelspruit by extending its Supplier Development Programme (SDP) and Accelerator Programme (AP), the company’s enterprise ...