Responsible for Malawi ’ s first mobile app and wallet , FDH Bank ’ s Deputy Managing Director , William Mpinganjira , discusses how the technology has revolutionised the industry
The banking sector in South Africa is undergoing significant disruption . Whilst under 20 % of the population in Malawi has access to traditional financial services , the government has sought to promote accessibility and financial inclusion by delivering key incentives for banks to utilise new technologies .
With a vast number of physical outlets and strong reputation , FDH Bank has become one of the largest banks in Malawi , amassing a market share of approximately 15 %. However , its acquisition of Malawi Savings Bank in 2015 became the ultimate driver for the bank to gain a greater understanding of how digital tools , particularly mobile , will seek further customer engagement , anytime , anywhere .
“ With technology you can provide a one-stop shop . It is the only way to be efficient , so the best way was to digitise , both internally and externally . We ’ ve therefore invested a lot in digital products over the last two years ,” explains Deputy Managing Director , William Mpinganjira .
“ Digitising our internal processes has enabled customers to transact at a more efficient pace and makes it easier for customers to engage online or on their mobile phone .”
Whilst internet connection in Malawi continues to lag over its mobile competitor , FDH has grabbed this opportunity with both hands and launched in-demand mobile services to extend its reach .
“ Mobile networks are growing . There are two major mobile phone operators in Malawi , Airtel and TNM , who have roughly 50 % market share between them . Combined , these companies have almost three times the number
264 June 2018