Friday, December 1Malawi's top news source

MyBucks Malawi unveils new payment solution

MyBucks Banking Corporation Malawi has rolled out a new mobile payment system that has simplify the way of doing business.

In a statement, the bank says the system enables MyBucks Banking Corporation Malawi registered mobile banking customers to easily pay fees for schools, hospitals, and churches, thereby simplifying transactions through technology.

The bank’s head of channels Felix Chitera says the need for an efficient and cost-effective payment method for students, churches and hospitals, compelled the bank to develop the system.

He said: “The system allows for school fees, church contributions and hospital payments to be made via the MyBucks mobile banking platform *632# and over-the-counter teller transactions”.

Chitera said the new system also provides benefits such as error minimisation for institutions and accurate, timely record-keeping with minimal human intervention.

He said the self-service fee payment option is cost-effective for registered clients on 632# platform.

Chitera said system is the first of many innovative products MyBucks Malawi plans to launch on the market this year.

The payment platform comes at a time the Reserve Bank of Malawi recently approved the acquisition of MyBucks Banking Corporation Malawi by Centenary Rural Development Group of Uganda and the Archdiocese of Lilongwe.

Following the approval, Centenary Group will now own a 51 percent stake and the Archdiocese of Lilongwe 49 percent.

Centenary Group is a limited liability company and holding company of Centenary Bank Uganda, the largest commercial microfinance bank in that country.

It also has two other subsidiaries, Centenary Foundation and Centenary Technology Services Limited.

RBM licensed MyBucks Malawi on May 13 2014 and started its operations on July 24 2015.

The bank was 100 percent owned by MyBucks S.A, whose head office is in Luxembourg and listed on the Börse Frankfurt Stock Exchange

Giving you more news Malawi Freedom Network News

Felix Chitera Head of Alternate Channels

Felix is the Head of Channels at MyBucks since April, 2020. He is responsible for the digital channels and agency Read more

Chitera appointed Acting MD for FDH Bank

Chitera appointed Acting MD for FDH BankChitera appointed Acting MD for FDH BankAfrica-Press – Malawi. The Board of Directors of Read more

Katsonga Launch Pyxus Agriculture Limited Groundnut Processing Plant

Minister of Trade and Industry Mark Katsonga Phiri says the launch of the Pyxus Agriculture Limited Groundnut Processing Plant will Read more

Airtel sells its towers in Malawi for over K45 billion

Airtel Africa has sold its 723 towers in Malawi to Helios Towers, an independent telecommunications infrastructure company, for US$55 million Read more

AHL To Sell 30% Foreign Exchange To RBM

Reserve Bank of Malawi has ordered Auction Holdings Limited to begin a mandatory sale of 30 percent of it's foreign Read more

Airtel Malawi’s Telecommunications Tower Sold To London-based Helios Towers Plc

The sale of Airtel Malawi’s telecommunications tower to London-based Helios Towers plc will help Airtel to improve and strengthen its Read more

Banki Mkhonde women trained in business management

A Mchinji based organization, Girls Activist Youth Organization (GAYO) has trained village savings loan groups locally known as Banki Mkhonde Read more

Forex Shortage Hit Airline Business Operations

Malawi’s forex shortage is threatening operations in the airline business, creating uncertainty on the future of the industry, Business News Read more

Fuel Hike To AAffect Tobacco Market

Local tobacco producers are expressing fear that this year’s tobacco market will be affected by the recent fuel price hike. Read more

NBM plc 2021 profits jump 52% to K34.2 billion

National Bank of Malawi (NBM) plc has registered a 52 percent after-tax profit of K34.21 billion for the year ending Read more

News To Read

Leave a Reply

Your email address will not be published. Required fields are marked *