Blantyre vendors applaud NBM Plc for introducing digital financial services


The Blantyre Vendors Association has applauded one of the country’s leading banks, the National Bank of Malawi (NBM) Plc, for introducing new digital customer financial services that help its customers transact smoothly , which improves time management.

The vendors revealed this on Wednesday at a dinner hosted by the bank at its headquarters in Blantyre, where association chairman Martin Matchindu revealed that most traders based in Blantyre and Limbe were not able to assist customers requesting to transact via mobile banking and e-wallets.

He said they had no idea how to access these services, but through the interface dinner, the bank skillfully introduced them to different digital financial inclusion services, which will help them meet their increasing demand from customers who prefer to pay via mobile banking.

The president of the association Martin Matchindu

“It’s no secret that most customers tend to feel unsafe in the marketplaces due to the high risk of theft and when requesting cashless transactions, business owners have to struggling to rise to the challenge,” he said.

“It is not only dangerous for our customers, but we ourselves are frequently victims of the same picking and theft. When customers started asking to pay through digital transactions, we were all pretty skeptical, but we soon realized it was a win-win situation and haven’t looked back since. »

He also added that when he started his business 15 years ago, digital financial platforms for making payments were then a new phenomenon that only the elite could take advantage of.

However, the service is practiced by almost everyone and customer demand has forced many traders in Limbe and Blantyre markets to switch to digital methods of transaction.

He explained that most merchants in the market are now accepting payments digitally and especially using NBM’s platform, Mo626.

In his remarks, NBM’s Head of Digital Financial Services, William Kaunda, said the bank has seen huge adoption of digital products, which is a very welcome development as the bank intends to make its services more accessible. to all.

“We have implemented a number of digital products to make our services accessible to all of our customers across all industries. Lately we have seen a huge adoption of digital products and currently over 90% of our transactions are done digitally.

“That’s why we thought it was a good idea to host the dinner to fully explain all the digital banking transaction services to these customers so that they don’t get left behind,” Kaunda said.

Last month, vendors and the minibus association participated in a special interface meeting to improve their knowledge of financial services and take advantage of some of the services offered by the Bank.

The initiative was carried out as part of New Brunswick’s strategy to maintain a close working relationship with its stakeholders following some comments that some of their customers were being discriminated against by the bank regarding access to fluid financial services.

Held at the Bank’s new headquarters in Blantyre, i.e. along Hannover Henderson streets, the vendors included those selling used clothes (kaunjika), street food vendors (commonly known as chiwaya vendors ), cosmetics sellers, tax operators, Airtel Money and Mpamba agents. , minibus drivers – just to name a few.

NBM Managing Director Macfussy Kawawa said at the reception that they decided to organize the interface – because some are their potential customers – so that they can express the challenges they face when they want to access financial services from banks.

“As a key player in the financial services sector, National Bank believes in working with all citizens and this is a way of bringing these clienteles closer to its services.

“These interactions are very vital as they help us get direct feedback and see how we can improve areas where we are not doing well in order to satisfy our customers,” Kawawa said.

The bank presented different services it offers such as consumer products (ATM cards, MO626 online out-of-service opportunities); loan process; applications of interest and many more.

The National Bank of Malawi Plc was formed in 1971 from the merger of Barclays Bank DCO (Dominion Colonial Overseas) and Standard Bank, which had its origins in the Republic of South Africa, had a large presence in Africa .

The merger of the two banks brought together complementary operations to provide a range of assets and services nationwide.

Barclays Bank divested from Malawi in 1982 and Standard Bank, later known as Standard Chartered Bank, left Malawi in 1996, in line with the parent bank’s broader overseas strategic plans.

National Bank, which was listed on the Malawi Stock Exchange on August 21, 2000 with a 3.4 times oversubscription, is Malawi’s leading bank thanks to the experience and expertise of Barclays Bank and Standard Chartered Bank with a network of 33 service centers.

It has over 1,000 employees and is Malawi’s largest commercial bank by assets, as well as being the most efficient and profitable.

It is currently one of the most liquid stocks and a key and dynamic player on the stock exchange.

The Bank’s shareholding as of December 2019 is Press Corporation Plc (51.5%); Old Mutual (25.1%); members of the public (23.0%); employees (ESOS) (0.4%).

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