NBM plc launches Western Union Money Transfer service
“I will be sending money to my relatives in a reliable and secure way.”
In a bid to serve its clientele more, and with due diligence, the bank of the nation, National Bank of Malawi (NBM) plc has entered into a partnership with International Money Transfer Institution, Western Union, that specializes in global cross-border and cross-currency money movement to ease money transfer transactions for its customers and non-customers.
NBM plc Head of Treasury and Investment Banking, Harry Mukaka, said in an interview that the partnership with Western Union will help customers to send and receive money with speed, ease, and reliability.
“The specialist money transfer service normally targets small amount transfers from one person in one country to another person in another country.
“This is the ideal platform that our families and relations living outside Malawi can use to transfer money to us in Malawi with ease and speed,” said Mukaka.
The normal money transfer limit for receipts is USD7,500.
He said the partnership with Western Union will also help in reaching out to the unbanked population as those without accounts with the Bank can also receive their money through the platform.
NBM plc also stands to benefit from the partnership as the interactions with non-banked customers (beneficiaries), who are regular recipients of money, increases the potential to open accounts with the Bank.
“National Bank of Malawi Plc has a wide network of points of representation throughout the country and the Western Union Money Transfer service is available in all NBM Service centres.
Customers can visit any NBM service centre for the service and will be assisted accordingly,” said Mukaka.
He said for a customer to receive money through the Western Union platform, he or she should provide an Identity in the form of a National ID or Passport and also the confidential Money Control Transfer Number (MCTN) to the Bank clerk in addition to the customer’s first and last name, telephone number and address.
“The Bank will compare the details provided with those in the system and confirm they match before effecting the payment to the customer, it is as simple as that,” said Mukaka.
Reacting to the news, United Kingdom-based Malawian Chisomo Phiri hailed the partnership saying it has simplified how she will be sending money to her relatives in the country.
“The partnership that Western Union has with the National Bank of Malawi has simplified how I will be sending money to my relatives in a reliable and secure way,” said Phiri.
NBM plc is also in partnership with another international money transfer institution, MoneyGram.
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Exchange rates are a rip off with Western Union! Will never use them again. And the fees the banks like NB charge is Malawi would be considered criminal in developed countries.
This is a good development for us all. But what I need to be clear of is whether this facility can allow one to transfer the money to someone outside. For example can I transfer my money to the child studying in Abuja, Nigeria using this facility? I have only read about receiving money, is this facility only for receiving and not sending? If that’s the case why? Can someone from NBM clarify please? Maybe my understanding has a problem
In Malawi, only receiving of money is allowed, not sending. Its a one way street.
I wish it was possible to send money from Malawi to another country through western union. Besides, there are cheaper alternatives to western union