Lilongwe December 8th, 2022–Standard Bank Malawi Plc has unveiled Instant Interbank Transfers from 247 Mobile to other local Banks. The Bank’s clients are now able to send and receive money from other Banks in real time, any day of the week, including public holidays. The added convenience means the transactions are no longer limited to normal banking hours.
Previously, both express and normal inter-bank transfers were time-constrained and would not be cleared after hours, on weekends and public holidays. This meant that customers sending or receiving funds from other Banks after hours, weekends and public holidays were inconvenienced and, in some cases, compelled to visit two Banking halls (withdraw cash from Standard Bank and deposit into another Bank or vice versa).
Speaking as the Bank unveiled the new solution, the Head of Consumer and High Net Worth Clients (CHNW) Charity Mughogho said that “As Standard Bank, we value our clients’ time and seek to always simplify transactions while offering convenience and security. The launch of instant inter-bank transfers on *247#, comes at the right time as we enter the festive season when we celebrate several holidays throughout the world and here in Malawi.”
The Bank observed customer behaviour and noted that there is a high volume of transactions which were being initiated after the inter-bank transfer windows had closed. Such transactions would be delayed until the following business day or next available clearance window. “As a Bank we are aware how crucial time is and the instant transfers solution will keep up with the fast-paced transactional needs of our customers. The solution is accessible through the USSD channel (*247#) which is available on all mobile devices from feature phones to smart phones,” she said.
This initiative aligns with the Bank’s strategy of being responsive to customer needs whilst matching the brand purpose: ‘Malawi is our Home; we drive her growth’. Growth and development are closely tied to more people getting access to financial services as and when they need it. Instant inter-bank transfers will also reduce queues in banking halls and provide customers safety through seamless transfers instead of handling hard cash between different Banks.
In addition to inter and intra-bank transactions, the Standard Bank 247 digital platform also supports a range of subscription payments (GOtv, DStv, MASM, etc), airtime recharges (TNM and Airtel), bill payments (Water, ESCOM, MRA, amongst others) and various payment services.