04:16 am - Thursday 20 September 2018

Cash deposit facility for Malawi Savings Bank

By Amalawi - Wed Jan 15, 5:36 pm

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The Malawi Savings Bank MSB introduced the first cash deposit facility in the country and officials say its pilot has proved to be successful. The bank brought this innovative product end last year- enabling cash deposit through Auto-teller Machine –ATM.

In an interview, MSB’s Corporate Affairs Manager Brenda Chilima said the bank was running it as a pilot project and following its successful it will roll out the service in as many outlets. “We are currently using the facility in five branches; Blantyre, Limbe, Lilongwe more, Capital city and Mzuzu which have already attracted overwhelming response.

“We are looking forward to seeing more cash deposit ATMs in the year 2014 as we have already received ten brand new of them to fix.” Chilima said. Chilima also described the year 2013 as successful to their business though they are yet to make a statement on its profitability during the period. Apart from this innovation, this bank has also managed to relocate from post offices to its own premises especially in rural areas and the exercise will continue this year.

Cash deposit Machine

Cash deposit Machine

MSB, the government owned commercial bank is one of the biggest when it comes to customer base, but has reportedly been making relatively low profits in comparison to private banks, a development that made economists to propose government should privatize it. Meanwhile, government has been mum on whether they will soon privatize it or not.

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