Embracing ICT helps bank grow

By Gregory Gondwe, Blantyre, Malawi

State-owned Malawi Savings Bank (MSB) says embracing ICT has seen it grow despite Malawi’s adverse economic conditions.

This is according to the bank’s Consolidated Financial statement reviewed as at 31st December 2012.

The statement, signed by the bank’s Managing Director Ian Bonongwe and Chairman Victor Mbewe, says during the year under review, the bank continued to make strides towards improving customer’s service delivery by implementing its own Electronics Funds Transfer (EFT) switch called iCash and launching Short Messaging Service (SMS) alerts to compliment the already existing customer delivery channels.

“The bank remains positive on the outlook and will be undertaking additional investment in the ongoing programme to improve service delivery channels, customer care and the diversification of its range of banking products and services for the enhancement of its shareholders' value,” says the statement.

The bank says, however, that the economic environment throughout 2012 remained challenging against the backdrop of the introduction of policy measures to stabilize the economy.

This notwithstanding, the bank says, it achieved a consolidated pre-tax profit of MK1.57 billion.


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