RBM pairs with commercial banks on instant electronic funds transfer

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.

Lloyd M’bwana

I’m a Lilongwe University of Agriculture and Natural Resource (LUANAR)’s Environmental Science graduate (Malawi) and UK’s ICM Journalism and Media studies scholar. Also University of Malawi (UNIMA) Library Science Scholar. I have been The Malawi Country Manager and duty editor for the Maravi Post since 2019. My duty editor’s job is to ensure that the news is covered properly, that it is delivered on time, and that it is created to the standards set out in the editorial guidelines of the Maravi Post.