Do you want to monitor your bank account in Malawi? Then you have to register with BankNet Online, the online Banking Service of National Bank of Malawi.
The facility though confusing to use but gives you conveniences of following your riches in Malawi. I think it is an ideal facility for the Diasporas who are often cheated by ‘friends’ and relatives in Malawi. You can easily verify a deposit or withdraw from your account at the click of the mouse!
However as I have already alluded to, it is not all roses. Firstly the BankNet Online is extremely basic. Secondly every time you want to get access to your account you are prompted to change to a new password which it declines. Thirdly be prepared to be K300 poor every month in the name of bank charges!
One wonders how they come out with bank charges. Is the Reserve Bank of Malawi behind these meaningless bank charges? When moving to the UK, I had to close my current account because of unfair bank changes only this time to be hounded again by the NB Internet banking unfair bank charges.
All the same, I applaud the National Bank of Malawi for introducing Internet Banking in Malawi although later than expected. I am looking forward to an improved fair facility.
Are you already using the Banknet Online? How are you maximising it? Have you ever been cheated? I also welcome your experiences of banking in Malawi? You can also tell us some wise ways of handling money in the comment section of this page.
As usual my ramblings also welcome your random thoughts and comments. Be free to school me on issues I get wrong. I always value your comments and I can definitely do with your lectures.
Side note: Are you in the diaspora and wants to send money to Malawi. I have a friend coming to study in the UK so if you want to send some Kwachas to Malawi you can pass on the money to me for him so that he gives the equivalent for you in Malawi at the current exchange bank rate. He will have loads of Kwachas to dispose soon! Contact me behind the scenes like Nicodemus so that we talk details!
2 comments:
I get annoyed too with the various levies and tarrifs we face in our banks in Malawi. Using an ATM is such a costly thing for example...all the same as you say, NBM have to be applauded for the positive development, but ultimately they must do away with the 300MK..ndiyambiri.
(Relocating not reallocating)
It is good to have an English lecturer around. Ndasitha. Thanks Joe.
My thoughts are that we need the protection of the Reserve Bank of Malawi. RBM has powers to regulating the banking industry in the country. By name and nature commercial banks are there for commercial purposes. One of the crucial issues of the RBM is to ensure that commercial banks deal with their customers fairly by setting clear guiding lines on bank charges. Nevertheless in every system there is need to have reliable channels of complaints which are lacking in our systems. In the event that the RBM fails to do its job then a well coordinated campaign by service users and politicians can also do. Koma ungayambile pati?
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