Its public relations officer Lorraine Lusinje said the financial institution continues to fulfill its promise to provide mass banking as a way of achieving financial inclusion to Malawi.
“FDH Bank is making financial services accessible at affordable costs and sometimes at no cost at all, to all individuals, including the unbanked. Through its FDH Mobile menu and other products like OneClick – a bulk payment solution also ideal for social cash transfers—the bank continues to take a lead in innovative banking,” she said.
Lusinje added that digital banking is a cost effective way of financial transaction compared to the traditional way of banking that involves mobility costs and time.
She said: “Apart from convenience, our primary goal with digital banking is to be an inclusive bank. These products are redefining convenience in terms of how people experience and access banking services in addition to championing financial inclusion.”
The latest innovative financial inclusion milestone from FDH Bank is the Ufulu Digital Account, an easy to open virtual account created by the customer himself or herself using any mobile phone.
The account number for a digital account is denoted by a phone number of the gadget/phone handset used to register for the account.
Added Lusinje: “The account offers unrivalled and absolute freedom and convenience to the customer. It is essentially accessible to everyone in the sense that there is no need to fill any forms, neither calls needed to be made nor account balance inquiries. One does not even need to pay monthly charges. No need for an existing account with FDH.”
The Ufulu Digital Account, the bank says, breaks all barriers for people to access banking services such as physical distance to a branch, cost of travel, cost of maintaining an account, time required to open an account, need to keep a balance in the account and uses both ordinary and smart phones and does not rely on the internet.
Through this innovation, more people are embracing the formal banking channels at a much lower cost than before.
However, despite it not operating in the brick and mortal space and not requiring paper, the product operates as a full transactional bank account. Among others, it offers cash deposits, withdrawals (via all FDH ATMs, FDH Service Centres, and FDH Banki Pakhomo agents spread throughout the country), bill payments, airtime purchase, mini statements view, transfers to FDH Bank and other banks and FDH Wallet.
“The Ufulu Digital Account not only benefits non-customers, but champions mass financial inclusion as it allows people to access banking services through their phone number and withdraw money cardless at any of the widely spread FDH ATMs across the country, or transact on the FDH mobile platform,” Lusinje explained.
It is completely the first of its kind in Malawi.
Source - The Nation Financial Supplement