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Malawi cashless economy drive accelerated

from MAVHUTO BANDA in Lilongwe, Malawi
LILONGWE – A STRATEGIC partnership between a local bank and international technology companies will enhance the adoption of digital payments and Malawi’s transition to a cashless economy.

Mastercard and Network International re-affirmed this shared commitment by announcing the partnership with NBS Bank.

This will be the first implementation of an innovative digital payment’s platform launched by Mastercard and Network International last year.

NBS Bank will launch a Mastercard virtual (non-plastic, non-physical) payment solution that will enable its customers to make a wide range of e-commerce payments to merchants that accept Mastercard locally and internationally.

“This partnership will also help to accelerate financial inclusion and empower the most vulnerable in society,” said Kwanele Ngwenya, Chief Executive Officer of NBS Bank.

NBS is abbreviation for New Building Society, a merger formed in 1964.

The partnership comes as governments and organisations across Africa are publicly supporting digital payments and less reliance on hard cash to secure the financial inclusion of more people.

With the growth of the digital world, millions of people and businesses are gaining access to financial services and digital payments on gadgets.

Gabriel Swanepoel, Manager for Mastercard in Southern Africa, noted people and business were increasingly turning to digital and remote payments, a shift accelerated by the COVID-19 pandemic.

Mastercard and Network International will support NBS Bank in its digital transformation efforts so as to provide enhanced payment experiences to customers.

“This in turn will enable more people and businesses to benefit from a growing digital economy and world beyond cash,” Swanepoel said.

Mastercard and Network International have a long-standing partnership aimed at growing electronic payment usage across Middle East and Africa.

“We look forward to working with NBS Bank to accelerate the move from cash to digital solutions,” said Chris Wood, Network International Regional Managing Director, Processing- Southern Africa and PALOPS.

PALOPS is acronym for Portuguese-speaking African countries.

– CAJ News

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