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On Tuesday, the Bank announced launch of the new service through William Kaunda, the Bank’s Head of Digital Finance Services in Blantyre.
“Today marks yet another milestone in the development of products from your Bank of the Nation. We are launching a new product called the e-commerce acquiring (NBM Online Payment Gateway) which has been designed to complement the existing Point of Sale (POS) channel.
“The POS channel has one challenge; it mainly requires the physical presence of the cardholder. This requirement is a great inconvenience especially to the hospitality and tourism industries and more so during this time of pandemic lockdowns.
“Furthermore, this requirement presents a barrier to international trade. NBM Online Payment Gateway product is in line with our digitalization strategy and will strengthen our relationship with merchants and will lead to the growth of our merchant base,” said Kaunda.
Kaunda said the online platform “has a consequent effect of growing digital transaction volumes for our merchants which will result in high revenue generation for them.”
