Business and Finance

MyBucks introduces new fee collection system

The development is coming as the bank is striving to become the best digital bank in the country that would simplify the life of its customers through technology.

In a media release which was released by MyBucks bank on Wednesday, MyBucks Head of Channels, Felix Chitera said that as a bank they decided to come up with the new system after observing its need.

“We noted that there was a need for an efficient and cost-effective payment method for students, churches, and hospitals, which compelled us to develop this new system.

“The system allows school fees, church contributions, and hospital payments to be made via the MyBucks mobile banking platform (*632#) and over-the-counter teller transactions,” Chitera said.

Chitera: We noted that there was a need for an efficient and cost-effective payment method

He added that the new system also provides various benefits such as error minimization for institutions, accuracy, and timely record-keeping.

He also said that with the new system, the self-service fee payment option is cost-effective.

According to Chitera, the system is the first of many innovative products which MyBucks plans to launch this year that are aiming at making the bank become the best digital bank in the country.

In a separate interview, one of MyBucks customers, Patience Perera applauded MyBucks bank for introducing the new fee collection system.

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“The new fee collection system seems to be more convenient as well as secure and this is a welcome development to me as a customer,” she said.

The launch of the new fee collection system comes as the Reserve Bank of Malawi recently approved the acquisition of MyBucks bank by Centenary Rural Development Group of Uganda and the Archdiocese of Lilongwe.

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