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Finance Bank Malawi Limited said on Friday it has finalised an information technology improvement programme and now plans to open 40 electronic banking points across the country in the next two years.
Zambia-based Finance Bank chairman Rajan Mahtani said in an interview in Blantyre that the bank, currently with three branches in Blantyre, Limbe and Lilongwe, will open its branch in Mzuzu in two months’ time and another one in Zomba before the end of the year.
“We have taken this long [from 1995] to get to Zomba and Mzuzu because we concentrated on efforts to improve technology first. Now we are moving on a faster pace because we have linked our branches internationally,” he said, adding that the bank has a similar programme in Zambia where it now has 40 branches.
Mahtani said with the bank’s link to the Malawi Switch Centre (Malswitch) electronic banking network, Finance Bank will be able to have the 40 electronic banking centres nationwide.
He said the investment in information technology will make Finance Bank a one-stop banking hall and enable it do things better than its competitors.
And addressing patrons to a Finance Bank customer golf day earlier, Mahtani said the bank’s asset base has risen from K300 million when it opened in 1995 to K2.5 billion in 2003.
He attributed this success to the support given by the customers and said this is an indication that the bank is among strong players in the banking sector and that it is contributing to development in Malawi, not externalising dividends.
Finance Bank Malawi Managing Director Subramania Pillai said the bank is part of a business conglomerate involved in banking, insurance, leasing and finance and mining.
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