Standard Bank Malawi says the Unayo digital platform is now linked to all its automated teller machines a development the bank says is cost-cutting and convenient
Chief Executive Officer for the bank, Phillip Madinga, made the remarks at Kameza in Blantyre during the launch of the additional service on the Unayo platform.
Madinga said Covid-19 disruptions necessitated the need for innovative solutions to decongest the banking halls.
“You don’t need to walk in the banking hall, you don’t need a standard Bank Account With unayo. You can withdraw your funds on any Standard Bank ATM without an auto teller card simply by just using a code generated on the phone,” said Madinga.
Reserve Bank of Malawi Chief Examiner responsible for Consumer Protection and Financial Inclusion, Madalitso Chamba, said every Malawian should have an account and Unayo simplifies the process.
“Let us utilise digital platforms like Unayo to advance our small and medium enterprises. We have heard of complaints from consumers about long queues in the banking halls. This innovation seeks to address that. Secondly, it’s cutting on travelling costs to the bank since customers can transfer funds to their mobile phone using Unayo service and cash out at an agent or ATM. This is part of the financial inclusion,” said Chamba.
The bank launched Unayo on 15 September 2021 to ease the banking experience digitally.