NBS bank and mobile phone service provider Airtel Malawi last Friday signed a twinning agreement which will see the two businesses integrate in mobile money transfer among customers.
Airtel Money Country Director, Francis Matseketsa and NBS Head of Personal and Business Banking Murcus Chigoga signed the pact on behalf of the two institutions.
The move will enable NBS customers to transfer money electronically throughout the country.
The drive also attempts to narrow the existing financial inclusion gap especially among people living in the rural areas according to Chigoga.
A recent study by Finscope indicates that of the 86 percent people living in the rural areas, only 26 percent have access to banking.
Chigoga said the electronic money transfer move attempts to incorporate a majority of the population especially in areas where the bank is not physically present.
“Malawi is still lagging behind in terms of financial inclusion. This is an attempt to reach out to more people with our services,” he said.
In his remarks, Matseketsa rates the partnership as a milestone towards improved socio-economic status of a majority Malawians.
“This is a contribution to the digital financial inclusion,” said Matseketsa.
Airtel money now enjoys a scope of 1.4 million customers nationwide.
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