New Finance Bank has launched a new product ‘Banki Pakwathu’ which they have said will help advance financial inclusion in the country.
The product, according to the bank’s CEO Zandile Shaba, will also help cut long queues that are the order of the day in most of the country’s financial institutions.
Shaba said customers “do not necessarily” have to physically go to the bank to access their finances.
She said currently there are 30 agents in the country, and that the number will get to 200 by December.
“NFB is a digital bank and that is why we are walking the talk,” said Shaba.
She added: “With Banki Pakwathu we will offer convenience to our customers as they will access almost all banking facilities through agents.”
The product has since already rolled out in Blantyre, Lilongwe and Dedza.
Some of the services that can be accessed via Banki Pakwathu include cash deposits and withdraws, airtime buying and payments of utility bills such as electricity.
Chief Commercial and Marketing officer, Benard Mkandawire, said the product has effective security measures.
“For each transaction, a customer gets a one-time password which becomes invalid after using it,” said Mkandawire.
He also cited the fact that the product was designed using their own IT team as another security measure.Follow and Subscribe Nyasa TV :