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

TNM first quarter net profit jumps to K1.8 billion

Malawi's mobile telecoms network service provider TNM continues to realise an increase in net profit from operations. Read More

Revenues from tablet games to triple

New data from Juniper Research has revealed that by 2019 worldwide revenues from tablet games will reach $13.3 billion – a threefold rise on the 2014 figure of $3.6 billion. Read More

Airtel Uganda hosts high value customers at Business Leaders’ Forum

Enterprise Director, Airtel Uganda, Mr. Oladapo P. Sorinolu Airtel Uganda has hosted an Enterprise Expo in Mbarara district, Western Uganda, as part of efforts to provide practical and modern business solutions to its high value customers.  Read More

Safaricom, Airtel complete yuMobile deal

Safaricom and Airtel have completed the US$120 million acquisition of yuMobile from Essar Telecom. Read More

GrowthAfrica, Usahibu partner to solve SME accounting issues

Kenyan accelerator GrowthAfrica has partnered cloud computing firm Uhasibu in a bid to address the accounting and financial software needs of East African startups and small and medium enterprises (SMEs). Read More

Top 10 risks worth considering when expanding into Africa

Companies planning to expand across Africa must make a concerted effort to understand the risks, and not assume they “know” Africa, says ContinuitySA. Read More

Shop Soko connects Kenyan artisans to lucrative international markets

A new e-commerce platform, Shop Soko, is helping Kenyans access a lucrative international market. Read More

Ricoh SA begins rollout of new services-led strategy, Africa expansion

Jacques van Wyk has been appointed Ricoh SA’s new COO to drive the expanded strategy that will enable the business to become a services-led organisation and see its expansion into the rest of Africa. Read More

Stock Exchange launches news service

A news service by the name of X-News has become the latest product coming from the local bourse, the Botswana Stock Exchange (BSE) recently. Read More

Telkom forays into Botswana through acquisition

South African telecommunications giant Telkom is making inroads into the Botswana market through the acquisition of an ICT company, Business Connexion (BCX).  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Safaricom-Equity battle for mobile banking hots up Safaricom-Equity battle for mobile banking hots up

Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit. 

IN DEPTH

Kenya rolls out e-extension to improve agricultureKenya rolls out e-extension to improve agriculture

In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.