New Finance Bank introduces agency banking

Post was last updated: April 23, 2018

New Finance Bank (NFB) has introduced agency banking dubbed ‘Banki Pakwathu’ in a quest to increase its customer base and enhance its financial inclusion drive.

The innovation will allow customers to access almost all banking services using their mobile phones and agents in urban centres across the country.

NFB Chief Executive Officer, Zandile Shaba, said during the launch of the innovation recently in Lilongwe that they have 30 agents in Blantyre, Dedza and Lilongwe and are expected to increase the figures by establishing agents in all districts of the country.

“This is part of our mission statement in terms of financial inclusion. We believe that we are in partnership with the government and the

Central Bank in achieving that objective of getting as many Malawians as possible banked.

“Obviously, when you go the brick and mortar route, it’s very expensive and sometimes not achievable as quickly as possible, so the quickest way is through technology and agents. What we are doing is putting out well trained agents that will be carrying out the banking services for us,” Shaba said.

She further said the innovation is very secure and that customers should not worry about any cyber-attacks.

“What we have done is built in the system a two-step process in terms of being able to identify somebody and this is just stage one. We will add on to that a biometrics system, so the users will get a one-time password on their phone which they will use with an agent at the time they want to transact,” Shaba said.

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