Bank of the nation, National Bank of Malawi (NBM) plc says it is actively investing in innovative digital solutions to simplify transactions and expand access to financial services, positioning itself at the forefront of driving financial inclusion in the country.
The bank’s Head of Digital Banking, William Kaunda made the remarks in Lilongwe during this year’s International ICT Expo, held under the theme ‘Unlocking Malawi’s Digital Economy: ICT Exports, Trusted Payments and Fraud Resilience’.
Kaunda said as Malawi transitions from a cash-based to a digital economy, the Bank is scaling up efforts to ensure that every Malawian, regardless of location or economic status, can participate in the evolving financial ecosystem.
“As a Bank, we have introduced several platforms that enable every Malawian to be onboarded onto our services. Recently, we launched an online onboarding platform, allowing customers to open accounts without visiting a service centre. We also have the Mo626 Wallet, which enables access to banking services on any type of phone,” said Kaunda.
He added that the Bank is set to roll out a new product tailored for small and medium enterprises (SMEs), aimed at further enhancing the banking experience and supporting business growth.
Kaunda, however noted that recent levy policies on digital transactions risk slowing down progress towards a cash-lite economy.
“Our appeal to policymakers is to review the decision to introduce these levies. While we understand the rationale behind such charges, these charges can significantly affect the uptake of digital services. In the long run, people may revert to cash transactions, which are more costly compared to digital alternatives,” he said.
ICT Association of Malawi (ICTAM) President, Clarence Gama, also called on Malawians to embrace digital transactions as a critical step towards building a robust digital economy.
“What we are emphasising is that for Malawi to succeed in the digital economy, money must move digitally. While progress has been made, we need to scale up adoption across all sectors and channels,” said Gama.
In his remarks at the opening of this year’s International ICT Expo, the Guest of Honour, Minister of Information and Communication Technology, Hon. Shadric Namalomba, challenged ICTAM to develop innovative solutions that can drive ICT exports and contribute to the country’s digital economy.
“We have introduced several platforms that enable every Malawian to be onboarded onto our services.”
William Kaunda NBM
Head of Digital Banking
