Malawi: NBS Bank Introduces ‘Open Banking’
NBS Bank has introduced ‘open banking’, a form of integrational banking that allows other banks and financial institutions to integrate with its system for various payments to create new and more convenient financial services while promoting financial inclusion.
NBS Bank Head of Innovation and Digital Banking, Inqxhuiniso Dzoole-Mwale explained in an interview yesterday that ‘open banking’ benefits consumers by providing more choices, better services, enhanced convenience and increased control over their financial data among other things.
“Open banking is when banks and other financial institutions integrate their systems with regulated providers to access your financial information securely, with your permission.
“This integration of data helps create new and better financial services that are tailored to you. It gives you more control over your finances and lets you use different services from multiple providers in one place. Open banking is regulated to protect your data and privacy,” said Dzoole-Mwale.
He said the Directorate of Road Traffic and Safety Services (DRTSS) is the first key partner in the open banking initiative adding that this will see non-NBS Bank customers pay for services such as driver’s license, fines, COF, road permits, change of ownership, traffic register cards and number plate application, among others, using various digital banking platforms.
He said other merchants will be boarded on open banking later on.
“NBS Bank leverages open banking to empower individuals and communities in our country, fostering financial inclusion and driving economic growth.
“We strive to be at the forefront of innovation, collaborating with third-party providers to offer a comprehensive range of financial services that meet the diverse needs of our customers,” added Dzoole-Mwale.
Speaking on safety of funds because of the integration, NBS Bank Head of Marketing and Customer Experience Tamanda Ng’ombe-Longwe assured all customers that the system is robust as it is part of the revamp of the Bank’s digital banking platform popularly known as ‘EazyBank’
“Customers should not worry about their money as this integration is secure for all users. As we are gearing towards the launch of the upgraded EazyBank digital banking platform.
“We have ensured that the revamp includes a robust security system to protect our customers, as well as those who will be privileged to use this platform,” assured Ng’ombe Longwe.