National Bank of Malawi plc, the country’s biggest commercial bank by assets and profitability, has launched cardless cash withdrawal facility from its Autoteller Machines (ATMs).
The Malawi Stock Exchange-listed bank launched the facility in Blantyre which caters to the unbanked, as well as the banked.
The cardless withdrawal service allows users to generate a token through their Mo626 Digital Plus application which can be used by the customer or beneficiary to access the money.
Speaking on the launch, NBM’s Head of Cards and e-Banking Wiliam Kaunda said the bank will continue to focus on innovations in technology.
He said the service has been developed to enhance customer experience through the provision of innovative products and services that provide convenience to the end user.
“A customer in Blantyre could have a situation where a relative wants urgent money in a faraway place like Chitipa. All the customer needs to do is generate a redemption token which he or she will send to the relation in Chitipa who, in turn, would simply go to a nearby National Bank ATM to cash the money using the token. The service therefore caters to the unbanked, as well as the banked,” said Kaunda.
“As a bank, we introduced the contactless payment service in January this year, then proceeded to reveal our upgraded internet banking service – BankNet 360, which is gaining traction with most of our retail and corporate customers.
“We have several other products in the pipelines which we intend to introduce in 2020, as we continue to digitise processes and product and service offerings,” Kaunda explained.
NBM plc is a subsidiary of the dual-listed conglomerate Press Corporation Limited plc.