MSB migrates to own EFT
BUSINESS| Oct. 15, 2012, 5:18 a.m.
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.
MORE BUSINESS NEWS
MasterCard grants Unified Payments acquiring licenseMasterCard has granted an acquiring license to Unified Payment Service Limited, a leading payments service provider, in a move expected to broadly increase the acceptance of MasterCard payment cards in Nigeria. Read More
MTN Business backs emerging ICT entrepreneursMTN Business has embarked on a long-term supplier development programme that will empower young, black entrepreneurs to take their place at the forefront of South Africa’s evolution to a knowledge-based economy. Read More
CNN, MultiChoice launch 20th African Journalist AwardsCNN International and MultiChoice this week officially launched the CNN MultiChoice African Journalist 2015 Awards. Read More
Cokodeal.com aims to revive ‘made in Nigeria’Cokodeal.com, describing itself as Africa’s largest medium for business exposure, is aiming to boost Nigerian manufacturers through greater online exposure. Read More
Leading African airline adds new payment optionsASKY, the leading airline in West and Central Africa, has partnered with PayGate and booking engine SITA to offer web-based booking to its customers for the first time. Read More
Francis Dufay takes the reins of Jumia in Côte d’IvoireE-commerce firm Jumia has formalised the appointment of Francis Dufay at the head of its subsidiary in Côte d’Ivoire. Read More
MTN Uganda rewards women entrepreneursThe 2015 edition of MTN Women in Business Awards have seen Mrs. Barbara Ofwono, the proprietor of Victorious Schools, scoop the overall Award of MTN Women in Business SME CEO of the year. Read More
Microsoft 4Afrika launches Biz4Afrika online SME hubMicrosoft 4Afrika used the opening of the Connected East Africa event in Diani, Kenya today to launch Biz4Afrika, an online hub providing Kenyan small and medium enterprises (SMEs) with access to locally relevant information and promote trade. Read More
BTCL, SA’s Vodafone seal partnershipBotswana Telecommunications Corporation Limited (BTCL) and South African based Vodafone have signed a non-equity partnership agreement. Read More
Mascom Derby horse race extravaganza for BotswanaMascom is doing it again this year with its annual Mascom horse racing event which has been on the Mascom calendar for at least 10 years. Each year during the Easter holidays, Botswana’s leading mobile telephony provider gets people to Botswana’s tourist resort of Maun for the race. Read More
FEATURED STORYe-commerce space untapped, says phonekings head
E-commerce is the future, says the head of a new online electronics mall launched in Nigeria. Tayo Olusanya spoke to Kokumo Goodie in Lagos.
BEST READ NEWS
IN DEPTHVillagers 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.