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| Business |
| NBM launches Internet banking |
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by
Taonga Sabola, 25 August 2005
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07:59:24
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Malawi’s oldest bankers National Bank (NBM) on Tuesday launched an internet banking system which has been branded BankNet Online.
The internet banking service is believed to provide NBM customers with round the clock, fully fledged and unlimited access to their accounts from any corner of the globe for as long as they have internet connectivity.
According to NBM head of operations Brian Bobby BankNet Online will give an opportunity to customers to access account information from anywhere at any time.
“It will also give customers the chance to print account statements any time and also make inter account and third party payments.
“Customers will also be able to pay utility bills through the system, which will cut loss of time through commuting,” he added.
He said the service will also enable customers to establish fixed deposit contracts online.
“In addition customers will also be able to establish letters of credit online and to export data to other windows operating environments such as Excel.
“Through this internet banking service customers will be able to effect stop payments on cheques,” added Bobby.
NBM chief executive officer Isaac Nsamala assured the bank’s customers that the new internet banking service is safe.
“As with all internet products, I am sure you all had questions of security in your mind. Let me assure you that just as our security tradition at National Bank of Malawi has been of the highest attainable level, we have also managed to put together a secure package and environment for your comfort.
“The level of security consideration that we have put together has been tested by most prominent security auditors who gave it a clean bill of health,” said Nsamala.
He noted that these auditors are not just ordinary auditors but seasoned hackers, sniffers and crackers and for them to give a clean bill of health after an intensive test programme shows NBM’s dedication to securing online transactions.
The NBM boss also revealed plans by the bank to install mini Auto Teller Machines (ATM) at several strategic places in the rural locations not connected by their branch or agency network.
“I am also pleased to reveal that the bank will be bringing to the market a mobile phone top facility which will enable our customers to buy air time through ATMs. This will be another new innovation for the market and we should be able to complete this service before the end of the year,” said Msamala.
Reserve Bank of Malawi (RBM) deputy governor Mary Mkosi congratulated NBM for coming up with the service and expressed hope that such a project will help the bank to grow its business.
She also challenged all commercial banks to plan for a reduction in their reliance on treasury bills.
“As has been observed recently government has reduced and will continue to reduce borrowing implying that commercial banks should no longer rely on treasury bills for the growth of their business.
NBM has in the recent past introduced a number of new technologies in the banking sector. These include the Bankmaster/Branch power, the ATM, smart card and, most recently, the Visa encashment facility.
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