Malawi Savings Bank (MSB) has opened a new agency at Liwonde township following an investment of K65 million in the facility.
Speaking after officially opening the new outlet, Reserve Bank of Malawi (RBM) Deputy Governor for Bank Supervision, Grant Kabango, applauded MSB for being practical in the delivery of the Financial Inclusion Charter launched in 2011.
The charter, according to Kabango, declares the commitment of commercial banks to provide products and services specifically designed to reach the unbanked population.
Kabango also said the opening of the agency confirms the overarching goal of MSB of being “today’s people’s bank”.
“MSB and its capable leadership has been and continues to be a real asset to the country’s development of the banking industry,” said Kabango.
He observed that despite working in a challenging environment, MSB has managed to open outlets in the remotest areas of Malawi.
He cited the establishment of 14 branches, 33 agencies and 47 ATMs nationwide as a record achievement that pronounces MSB’s presence in all districts and rural areas in the country.
The Chief Executive Officer of MSB Ian Bonongwe said the development shows the company’s commitment to the financial inclusion charter.
“We feel that it is important that in our own way as MSB, whilst pursuing the business principle, we need to be at places where we are creating shareholders value but at the same time offer the ordinary Malawian have more access to banking facilities.” Said Bonongwe.
“Liwonde is a budding development and business hub and MSB is honored to be part of this development,” he said “Our presence in Liwonde also signifies the commitment we have towards the Financial Inclusion Charter. MSB is in places where others do not want to venture like Usisya, Chiringa and others,” he said.
Bonongwe also said the bank wants to express itself as one that looks positively at innovation in the banking industry hence being the only bank in Malawi that has adopted the ATM deposits technology.
One of the customers Mrs Chilikumtima said transactions will be much faster compared to the time the company was inside the centers post office.
“The coming of the deposit ATM’s will help to minimize the long queues inside the bank and this will help us during the weekends when they are so many things to do.” Said Chilikumtima.
