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| Business |
| MSB launches Auto Cash |
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by
McDonald Chapalapata, 09 June 2003
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08:48:24
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Malawi Savings Bank (MSB) Friday launched the Auto teller machine (ATM) called Auto Cash and a new checking product called the Now Account on which the bank will be paying nominal interest to the account holder.
Speaking during the launching ceremony held at the bank’s branch in Lilongwe, MSB Chairman Patrick Chilambe said the bank would strive to attain its mission and strategic vision not withstanding the tough competition experienced in the banking industry.
“This ATM will essentially allow all working class to do their banking transactions, particularly the withdraw of cash 24 hours a day,” said Chilambe.
He said account holders would use Smart Cards provided by Malawi Switch Centre (Malswitch).
Speaking earlier, MSB general manager Ian Bonongwe said the Now Account would give their customers a wider choice of deposit based products to go for and in the process enhancing service delivery levels.
“We hope to serve our customers better through the Now Account because naturally, some of our customers prefer current accounts to ordinary savings accounts as the current accounts are more flexible,” he said.
Governor of the Reserve of Malawi (RBM) Elias Ngalande said the central bank appreciates the encouragement it receives from the banking industry on the introduction of smart cards.
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