Listed National Bank of Malawi (NBM) has committed to continue providing reliable and secure digital banking services in the country as they celebrate 16 years of its flagship Mo626 existence.
Head of Digital Financial Services at the Bank, William Kaunda made the assurance on Friday in Lilongwe when the ‘Bank of the Nation’ celebrated the digital platform’s milestone at a cocktail party.
Graced by the Reserve Bank of Malawi (RBM) deputy governor McDonald Mafuta-Mwale, NBM’s former Chief Executive Officers George Partridge and McFussy Kawawa, former employees, business gurus, government institutions representatives, and customers, the event highlighted the growth path of the innovation since its inception in 2008.
Kaunda said Mo626 processes about six million financial transactions each month, with a total value exceeding K600 billion.
“From what started as an SMS banking platform, today it is encompassing mobile and E-money services and has continuously evolved becoming a household name. We keep upgrading so as to remain relevant and give our customers good and secure services in the comfort of their homes,” said Kaunda.
In his remarks, Mafuta-Mwale commended NBM plc for being the digital banking pioneers through the introduction of the platform, which he said has played a big role in complimenting their efforts to promote financial inclusion in the country.
“The coming of digital banking platforms like Mo626 has not only reduced the demand for physical cash, but also provided a more stable alternative. People no longer have to seek the banking services in banking halls. They can now conclude a transaction from their homes without using cash,” he said.
As part of the celebrations, NBM plc credited the oldest, and frequent users of Mo626 with K16,000 as a token of appreciation.
One such customer, Susan Loga, conceded that the digital platform has simplified life as she makes payments of goods and services digitally.
“I am now a big member of the cashless society, courtesy of NBM’s Mo626,” she said.
Apart from crediting customers, the Bank also recognised the roles played by some of its staff in developing and growing the platform.
Some of the people awarded at the event included Partridge, Kaunda, Brian Bobby, Annie Magola, John Mitchell, and Wilkins Mijiga.
