Standard Bank Malawi plc has included Unayo product to their ATM services, an innovation that will allow everyone to make cardless withdraws at ATMs, with or without a bank account.
Standard Bank launched this multilateral digital mall, Unayo in September last year with an aim of providing a platform that connects various ecosystems in the country and it is said to be facilitating ease of transacting.
Speaking on Friday at Kameza business center in Blantyre during the launch of the service’s website, the bank’s Chief Executive, Phillip Madinga said the bank has thought it wise to link Unayo product to ATMs as one way of redefining the banking sector.
Madinga further articulated that with this innovation, customers will from now cash out anytime 247 as they will not rely on agents and merchants who have been providing the Unayo services since its launch.
“After launching Unayo product last year, today we are launching a service where people will be able to cash out from our Standard bank ATMs and this so exciting because what it means, is that people will be cashing out from ATMs spread across Malawi, 247,” said Madinga.
The Chief Executive has also emphasized that the coming in of Unayo will as well address issues of financial inclusion and job creation indicating that Unayo is on a daily basis registering more customers and merchants.
In her reaction to the development Reserve Bank’s Chief Examiner, Consumer Protection and Finance Literacy, Madalitso Chamba who presided over the launch, thanked Standard Bank Malawi plc for initiative.
Chamba said the product is a real definition of the RBM’s objective of financial inclusion where they wants to ensure that every Malawian have access to relevant financial products and services.
“As Reserve Bank of Malawi we are so grateful with the product which Standard Bank has launched today because it is going to be a tool for financial inclusion. Consumers have been complaining about queuing in banks to access financial services.
“With the initiative that Standard bank has launched today it is very possible for a consumer to just transfer their money to Unayo and withdraw from the ATM. We are really so grateful to Standard Bank for bringing this product, ” said Chamba.
She then urged other financial service institution to follow suit so as to improve the country’s banking sector.
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