Mybucks moves to expand footprints

Post was last updated: April 18, 2019

By Chimwemwe Mangazi:

Mybucks Banking Corporation, formerly New Finance Bank (NFB), has pledged to turn around the digital banking platform in the country by establishing systems that would enhance financial inclusion.

The bank says it intends to unlock significant economic value for stakeholders and customers.

MyBucks acquired 100 percent shares in NFB.

The banks chairperson, Francis Pelekamoyo, told journalists Wednesday that the firm would bring innovative products and services to the local market.

“This transition does not only make us competitive, it also conforms with MyBucks Group’s strategy of consolidating its operations and streamlining services to enable fast, effective technology-driven financial services.

“The merger of NFB with GetBucks Malawi and the rebranding creates a Malawian entity that is poised to reach even more customers, provide seamless and easy banking and continue to enable our vision of meaningful financial inclusion,” Pelekamoyo said.

Mybucks Bank Chief Executive Officer, Zandile Shaba, however, lamented the cost of doing business and low internet connectivity.

“This problem actually increases the cost of banking because you need several backups in terms of internet reliability whenever you open a branch or you are running an ATM somewhere. The cost is passed on to customers,” Shaba said.

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