The Consumers Association of Malawi (CAMA) has commended Standard Bank plc for launching the Instant Interbank Transfer System, easing customers banking transactions.

CAMA executive director John Kapito said the Instant Interbank Transfer System has come at a right time, when Consumers have been complaining regarding the failure by banks to provide such an efficient electronic Instant Bank Transfer Service.

“Customers used to complain about the failure of banks to provide efficient electronic Instant Bank Transfer Service and it was impossible to transact on such a platform which resulted in delays for online interbank transactions,” added in the statement.

The reasons why the banks were failing to provide new technologies were beyond imagination and it showed lack of creativity in Malawi, according to Kapito.

Standard Bank’s Head of Consumer and High Net Worth Clients Charity Mughogho said the move seeks to offer convenience and security to customers.

“As Standard Bank, we value our client’s time and seek to always simplify transactions while offering convenience and security,” Mughogho said as quoted by Nyasa Times.

Mughogho added that the Bank observed customers behavior and noted that there is a high volume of transactions which were being initiated after the interbank transfer has closed.

The transactions are no longer limited to normal banking hours.

CAMA has urged Standard Bank to continue being a leader so that other banks will follow lead.

The Instant Interbank Transfer System also supports a range of payments (GOtv, DStv, MASM etc) airtime recharges (TNM, AIRTEL) bill payments (Water Board, ESCOM, MRA) and other various payments services.

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