Despite assuring the public last week that it is on track to migrate to a new banking system, National Bank of Malawi is literally struggling to acclimatise to its newly installed bank software, the Temenos 24.
The system also known as T-24 in the banking circles was acquired by the bank 3 years ago but it has brought more misery than wonders expected by the bank.
By June this year National Bank had lost over K400 million in illegal ATM withdraw because of a system lapse because its IT officers are not up to date yet with the T-24.
Information from the bank says that trouble started at Chancellor College when Computer Sciences students cracked a code and started withdrawing huge sums of money from the and the practice has gone viral with technical officer having trouble to contain the situation.
“This is embarrassing for a big bank like this one and the bad thing is that due to the losses being incurred by illegal withdraws management has decided to cut down employment as a way to balance up the costs, however it seems they are not willing to publicise that they are in this trouble as it might have massive drawbacks,” said an employee at the bank.
Apart from this, the bank is also failing to upgrade its online transactions to accommodate its new 10 digit account numbers when one wants to send money to the new accounts.
Officials at the bank, which is the largest by assets in Malawi were tight-lipped on the matter saying commenting on the issues would put their jobs on the line.
However, National Bank spokesperson Ane Magola said last week that customers are “benefitting” more from the T-24 which she praised as sophisticated enough to have changed its IT infrastructure.