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