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Malawi Savings Bank to re-align operations
By
Ayam Maeresa - 06-08-2002 |
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The Malawi Savings Bank (MSB) has said it will realign its operations in the next two years to take advantage of the growing market and opportunities in the financial sector.
General manager Ian Bonongwe said in an interview in Blantyre last week that a three-year planning programme, undertaken when the bank started its de-linking process from the postal system, has enabled it to diversify its product range.
Bonongwe said the bank has become more business-oriented and was focusing on incorporating more bigger functions just like any other commercial bank.
However, he said the bank was still fighting hard to shrug off market perceptions, which still perceive it as part of the postal system.
“The de-linking programme is slowly making things change but we are still trying to break that perception and create an image of a separate corporate entity that is away from the old system,” said Bonongwe.
Throughout the three years that the bank has been in transition, he said, it has managed to establish three branches in Blantyre and Lilongwe and 33 agencies manned by its own staff across the country.
Bonongwe said since September last year the bank has been doing in-bound transactions under the Western Union Money Transfer system.
He said the Reserve Bank of Malawi (RBM) has just licensed Malawi Savings Bank to do outward bound transactions.
“At the moment, we are breaking into the Malswitch [smart card] system, especially in the area of processing wages and salaries for employees,” said Bonongwe.
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