New Finance Bank unveils mobile banking innovation

Post was last updated: July 31, 2017

Customers of New Finance Bank (NFB) and the general public should expect to be able to apply, get and service bank loans through their mobile phones, the bank has said.

The facility will also allow customers to withdraw and deposit cash using their mobile phones.

This follows a partnership the bank established recently with MyBucks.

Chairman of the bank, Francis Pelekamoyo, said the move is part of a strategy to grow the bank on the market in the coming two to three years.

“There will be a number of facilities which we are going to introduce, some of which have never been seen on the market in the history of Malawi.

“NFB has been on the market for more than two years. During our formation period, we were concentrating on opening branches and renovations and those things take time,” Pelekamoyo said.

He went on to say that the time to build a foundation for the bank’s business is now, hence their decision to partner with MyBucks.

“We are going to have a leapfrog takeoff and in the next three years, NFB will be a different bank from what you see today. Our main focus is financial inclusion and introducing products that can enhance the lives of Malawians,” Pelekamoyo said.

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