LILONGWE-(MaraviPost)-The country’s central bank, Reserve Bank of Malawi (RBM) in collaboration with commercial banks has introduced instant electronic funds transfer through the National Switch Limited (Natswitch) effective December 1, 2022.
In a statement made available to The Maravi Post and signed by RBM Governor Dr. Wilson Banda and NATSWITCH chairperson Zandile Shaba with the system all commercial banks mobile and internet transactions will be processed instantly with bank accounts accredited on 24/7 basis.
The statement further states that EFT platform will improve customer experience while facilitating transactions for the country’s economic growth and development.
The system has been introduced with funding from the world bank under the financial sector technical assistance project.
With the introduction of the innovation customers in various commercial firms started enjoying during the festive season.
