RBM HAILS MSB FOR INNOVATION.
The Nation , Friday September 30, 2011

The Reserve Bank of Malawi (RBM) has commended State-owned Malawi Savings Bank (MSB) for bringing in innovative products in the banking industry.

RBM director of bank supervision Noel Nkulichi was speaking in Blantyre on Wednesday when MSB unveiled its internet banking facility called i-net.

The MSB i-net allows the banks customers to transact business from the comfort of their homes or offices.

“This product is unique and has come at the right time when MSB has grown its customer base to the extent of whelming its banking halls with long queues. The i-net product or service delivery channel is, therefore, a step in the right direction in easing these queues,” said Nkulichi.

He said a country’s economy is as vibrant as its financial sector and that a vibrant financial sector draws heavily from the innovative minds of its drivers.

“Innovation in the sector is, therefore, vital to ensure that banks offer solutions that are of value-addition to the needs of its customers and these solutions are carried out in a manner that is timely, faster and convenient,” said Nkulichi.

He hoped that the launch of i-net is the beginning of the best to come from MSB to serve the interests of its customers and act as conduits to enhance the financial inclusion agenda.

MSB acting chief executive officer Kaisi Sadala described the i-net as the most secure Internet banking facility on the market.

He said launch of the i-net follows the launch of the Rubikon banking software that the bank unveiled last year.

He said the bank has embarked on an expansion drive to reach as many areas as possible. Sadala said by the end of October 2011, the bank will have launched nine new outlets.

One of the banks customers, Jimmy Koreia Mpatsa, hailed MSB for the Internet banking facility which, he said, will reduce time wastage when travelling to banking halls to make transactions.

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