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MSB to switch to new Electronic Funds Transfer

By Gregory Gondwe, Blantyre, Malawi

The state-owned Malawi Savings Bank (MSB) has announced the completion of the installation of its new Electronic Funds Transfer (EFT) and has asked its customers to start applying for new ATM cards from Monday September 24, 2012.

The initiative, which the banks have touted as highly advanced, will see the customers getting rid of their old ATM cards which were being hosted by the Malawi Switch Centre (MALSWITCH).

“Following our previous communication on the implementation of the Bank’s own EFT switch, the implementation of the Bank’s own EFT switch, the Bank is pleased to advise the general public and its customers in particular that the bank is now ready to roll out the new switch,” the bank announced.

The bank further says this platform will drive ATMs and Point of Sale devices.

“With the implementation of the switch the bank will now start issuing new ATM cards branded iCash cards,” says the bank.

The Bank says all its ATM machines will not accept old ATM cards from October 12, 2012.

“Customers who have funds on their cards should utilise their funds before the 12th of October or bring their card to the Bank to transfer these funds back into their bank account(s),” says the bank. 

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