Ecobank Transnational: digitally transforming banking in Malawi
(Norwich, UK, 5/11/2018)
Lusungu Mkandawire, Country Head of Information Security, discusses how important innovation and setting the trends are to Ecobank in Malawi.
Ecobank became the first bank in Malawi to launch a mobile app called ‘Ecobank Mobile Banking App’. The service is accessible on Android and iOS operating systems and is immediately available for download.
“We were the first bank to connect mobile wallets before every other bank in the country,” says Mkandawire. “We are also the first bank to have an Unstructured Supplementary Service Data (USSD) application that will support wallet to bank transaction. Our main strategy is to become more digital. With most of the other local banks still only brick and mortar, it’s really important for us to fully embrace digital technology.”
With the launch of new products happening at a quicker rate than ever before, it has meant that banks which delay their digital transformation strategies are trailing behind. Banks can develop their products at a reduced cost through utilising their product development and IT operations, or DevOps. Mkandawire is well aware of just how important it is to keep up with the latest trends.
“Speed and innovation are critical success factors in today’s digital world. Being able to innovate quickly and cheaply, test digital products and services in the market, refine them and release them on a regular basis has become a competitive advantage,” explains Mkandawire. “Ecobank has invested a lot in research and innovation to make sure that we are at par or better in the global banking sector as a whole.”
You can read more about Ecobank Malawi’s journey in the magazine.