National Bank partners Small World on viable foreign Money Transfers

A new user-friendly international money transfer platform has been established and is up and running.

Bank of the nation, the listed National Bank of Malawi (NBM) plc has partnered with Small World Money Transfers (SWMT) thereby increasing the number of viable platforms on which customers can receive and send money outside the country.

Speaking in Blantyre, NBM plc Head of Treasury and Investment Banking, Harry Mukaka, said the new product is ready and running and that Cashiers throughout the NBM plc network have already been trained for the operations of SWMT.

Harry Mukaka- Head of Treasury and Investment Banking

“SWMT is accessible in three ways namely Teller transactions, Swift and Wallet transactions. Currently, this product is accessed through Teller transactions only as we are still working on integrating the service to our digital systems Mo626Digital+and Wallet,” said Mukaka.

Mukaka added that being a global brand, Small World brings value to customers through the existence of multiple channels through which they can send/ receive money.

“Small World Money Transfer has a diverse network of institutional clients and corresponding payers in six continents with operations in 180 countries. It has more than 230,000 pay out locations worldwide which makes it easier to move money across the borders quickly and at a low cost,” said Mukaka.

In addition to the Small World Money Transfer platform, NBM plc provides money transfer services through MoneyGram and Western Union platforms.

A representative of Small World Money Transfer Maureen Mugoh said they are excited to partner with NBM plc.

“We have more than 3 million customers worldwide and these customers have been trusting us to handle their payment needs for 13 years. We are happy that we have added customers from Malawi to our vast network,” said Mugoh.

She said Small World has become one of the leading cross-border payment providers, and continues to expand its global reach and market share providing payment services direct to bank account, cash pick-up and mobile wallet in more than 80 countries worldwide.

“In this competitive market, Small World’s range of services, innovative technology platform, relationships with partner banks, and a strong focus on regulatory compliance have proven invaluable in propelling the business forward, and are crucial in enabling Small World to deliver the speed, value and convenience that customers require,” said Mugoh.

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