National Bank K7.5bn towers opened, JB urges electronic banking

Malawi President Mrs Joyce Banda on Tuesday officially opened she opened a state-of-the-art K7.5 billion (about $30m) Nation Bank of Malawi (NBM) Towers in Blantyre.

The state of the art NBM head office has nine floors, two of which are base floors.

Construction of the multi-billion project commenced in 2004 and opened its doors in 2011.

In her speech, President Banda said if Malawi has “more of such structures, the ambience of our cities will be transformed and we will be able to attract both tourists and businesses.”

She said: “This is important and I encourage such properly designed, environmentally-friendly and energy-saving investments that add beauty to our cities and towns.”

NB towers

President Banda hailed the country’s oldest bank for its contribution to the country’s economic development by providing affordable banking services to Malawians and investors.

“I would like to commend National Bank for the innovation they have provided in the public sector because we are all aware that NBM was the first to introduce real time banking services,” said Banda.

“ They also provided ATM services to every account holder, introduced mobile banking, bill payment services [through banks]. This is commendable,” she said.

JB urges electronic banking

She then called on the banking sector to introduce more modern electronic banking technologies to reach 80 percent of the population which is unbanked

The President said her  government is committed to promoting telecommunication infrastructural development in support of the growth of electronic banking “so that the unbanked rural population is reached and serviced. “

She said: “The use of mobile banking services through cell phones and physical service delivery by the banks will go a long way in reaching out to the unbanked population in support of the government strategy of financial inclusion.”

President Mrs. Joyce Banda being shown the National Bank building plan during the oening ceremony in Blantyre.Pic Francis Mphweya-MANA.

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