National Bank of Malawi and Telekoms Network Limited (TNM) have forged partnership through which customers of the two companies will be able to transact on Mo626 service and TNM Mpamba mobile money service.
The launch of TNM Mpamba and Mo626 partnership took place Friday afternoon in the commercial city of Blantyre.
National Bank of Malawi head of Cards and E-Banking Division William Kaunda said the innovation is to provide good customer services in this digital era.
“This marks another milestone in the banking sector; we can’t walk alone in this technological time, and we need coordination and partnership with similar services to improve lives of our customers.
He believes cash robberies will reduce as people will be transacting money electronically through the new arrangement.
TNM Chief Sales and Marketing Officer Daniel Makata said the innovation will cut costs of doing business.
“Through this new arrangement TNM Mpamba customers will be able to transfer money from National Bank accounts within the comfort of their homes; this is what we want to achieve to cut the cost of doing business.
“We have improved our network to ensure our customers have improved services in the digital era,” he added.
Meanwhile, National Bank of Malawi has dispelled social media reports that the Mo626 service had been hacked. The bank said there strong measures to secure the services.
“We have clocked ten years with Mo626 and we have a robust system to secure our services nobody can hack our system that is not true, explained Wilkins Mijiga, National Bank’s Head of Strategy, Marketing, and Corporate Affairs.
He clarified that some people tried to swap phone numbers of their customers but said the issue had been resolved.