Standard Bank Malawi launches convenient bank-to-bank transfers through Instant Interbank Transfers
Standard Bank Malawi Plc clients are now able to send and receive money from other banks in real time, any day of the week — including public holidays through the newly-launched Instant Interbank Transfers.
Through 247 Mobile, the convenience means the transactions are no longer limited to normal banking hours as previously, both express and normal inter-bank transfers were time-constrained and would not be cleared after hours, on weekends and public holidays.
Charity Mughogho, Head of consumer & high net worth clients, said in a statement that the previous system meant that customers that sent or received funds from other banks after hours, weekends and public holidays were inconvenienced and, in some cases, compelled to visit two banking halls — to withdraw cash from Standard Bank and deposit into another bank or vice versa).
“As Standard Bank, we value our clients’ time and seek to always simplify transactions while offering convenience and security,” she said. “The launch of instant inter-bank transfers on *247#, comes at the right time as we enter the festive season when we celebrate several holidays throughout the world and here in Malawi.”
She added that the Bank observed customer behaviour and noted that there is a high volume of transactions which were being initiated after the inter-bank transfer windows had closed.
Such transactions would be delayed until the following business day or next available clearance window and Mughogho said: “We are aware how crucial time is and the instant transfers solution will keep up with the fast-paced transactional needs of our customers.
“The solution is accessible through the USSD channel (*247#) which is available on all mobile devices from feature phones to smart phones.
“This initiative aligns with the Bank’s strategy of being responsive to customer needs whilst matching the brand purpose: ‘Malawi is our Home; we drive her growth’.
“Growth and development are closely tied to more people getting access to financial services as and when they need it. Instant inter-bank transfers will also reduce queues in banking halls and provide customers safety through seamless transfers instead of handling hard cash between different banks.”
In addition to inter and intra-bank transactions, the Standard Bank 247 digital platform also supports a range of subscription payments (GOtv, DStv, MASM, etc), airtime recharges (TNM and Airtel), bill payments (Water, ESCOM, MRA, amongst others) and various payment services.
Through its zeal and determination in driving the country’s economic growth — coupled with excellent delivery of financial services —Standard Bank Plc earned itself the prestigious recognition of Bank of the Year 2022–Malawi award by The Banker Magazine.
The Banker Magazine is one of the world’s trusted publications by Financial Times, that provides economic and financial intelligence for the global financial sector with objective and incisive business coverage and analysis.
The Banker has been a trusted source of banking information since 1926, navigating its way through over 90 years of banking coverage with a reputation of accuracy, authority, and integrity.
Commenting on the award, Standard Bank Malawi Chief Executive, Phillip Madinga said the award highlights its commitment towards transforming the economic growth of Malawi.
“We feel greatly honoured that our services and impact have been appreciated globally,” said Madinga, who was also recognized as Best Customer Service Personality for 2022 by Chartered Institute of Customer Management (CICM) in June this year.
The award came alongside CICM’s recognizing Standard Bank Plc as the 1st Runner-up for Best Customer Service in the banking sector.
Standard Bank was also honoured with Best SMEs Initiative of the Year 2022 in October by the Institute of Marketing Malawi (IMM) for its Phuka Incubator Programme — the Bank’s initiative of uplifting entrepreneurship and small businesses in Malawi.
“Our focus continues to lean towards enhancing economic development of the country,” Madinga had said, adding that it was in line with their core purpose of ‘Malawi is our Home, we Drive her Growth’.
He dedicated the Bank of the Year 2022–Malawi award to their “valued customers for choosing to partner with us in their quest to grow Malawi. We believe the Bank drives development in various sectors of the economy through our customers and partners — impacting the energy, manufacturing, transport, import and export as well as the agriculture sector, to mention a few.”
The Chief Executive added that the award reflects the Malawi’s potential to set service standards globally, saying: “We believe this win amplifies Malawi’s potential on the global stage. Within our broader Standard Bank Group, Malawi is alongside South Africa in being recognized for this award.”
The Malawi Stock Exchange-listed bank has assured stakeholders of a continued quality financial services which is a pillar for business success.
“This is a great motivation to be put our customer first in responding to their needs and needs of the broader community. Our hope is to be more than a Bank, championing both our financial services and our social impact.”
In addition to this award, in April, Global Finance named Standard Bank Plc as Best Bank in Malawi 2022 during the announcement of its 29th Annual Best Bank Awards for 2022.
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