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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.