Saturday, October 25, 2014
   
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Standard Bank Employs Mobile Banking

Standard Bank of Malawi is now a fourth bank in the country to initiate mobile banking services in trying to achieve government order for banks to reach rural areas.

Reserve Bank of Malawi Director of Bank supervision Mr. Noel Nkulichi expressed delight that banks are now coming up with mobile banking service initiatives to reach out to rural masses that include civil servants.

The service, Mr. Nkulichi believes, will compliment government efforts to have all civil servants open accounts with the banks to access their salaries and other payments.

The visibility of banks in rural areas has been one of the stumbling blocks in the implementation of government’s directive for all civil servants to open accounts with the banks for them to access salaries and other payments.

Although it was not on government’s plans to have a special order for banks to establish mobile banking service, several banks, reserve bank says, have indicated willingness to launch the service to reach out to those in areas where banks are not available.

Reserve Bank of Malawi director for Bank Supervision Mr. Noel Nkulichi told ZBS that so far four banks have established the mobile service to ease challenges people are facing to access banking service.

Standard Bank of Malawi becomes the fourth bank after Opportunity International, NBS and Inde banks.

Managing director for the Bank Mr. Charles Mudiwa says the initiative is bound to help reduce the number of people who are not banked currently standing at a population of 85 percent.

The factor of security according to Mr. Mkulichi which has been an excuse by banks for not establishing banking services in the rural areas has been looked into relieving the fears on the part of both the service providers and the clients.

Whilst producing and trading in various small scale businesses,  a large number of the Malawian population still remain un-banked affecting their personal financial development and the nation’s economic growth.

The serving culture reserve Bank of Malawi says is also compromised with the absence of banks in rural areas as people use the money they earn other than engaging in investments.

 

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