Malawi launches mobile banking

Opportunity International Bank of Malawi (OIBM), a provider of microfinance services in Malawi, has launched a mobile phone banking system named 'banki m'manja'. It has done this to encourage rural Malawians’ access to the bank’s services. The OIBM innovation will enable its customers to check their account balance, transfer funds, conduct merchant payments, top-up mobiles, view a mini-statement and change their PIN.

OIBM Chief Executive Officer, Alexandr-Alain Kalanda, said: “We would like to help our customers, who most of the time live in the rural areas where by they spend a lot of money on transport alone to access our services, to have these services right in their palms.”

The service, which is being implemented in collaboration with local telecommunications company, Telekom Networks Malawi (TNM).