As way of providing relief to customers from the effects of Covid-19 pandemic, Standard Bank has adjusted its fee structure for customers who use internet and mobile banking.
This is in direct response to recommendations by Reserve Bank of Malawi among which was the reduction of fees and charges on a range of digital services.
Standard Bank has adjusted downwards fees and charges on its 247 Moments digital platform which encompasses Retail Online, Enterprise Online and Business Online on internet plus 247 App and USSD on mobile banking.
The bank has implemented a 40 percent reduction on transaction fee on all digital payments on the digital platform and a similar fee reduction on Express transfers to other banks on internet and mobile banking.
Customers will also not pay any monthly fees on these platforms. There will also be no fee for Business Online (BOL) transfers both within Standard Bank and to other banks.
Head of Personal and Business Banking, Phillip Madinga, says the development is a continuation by the bank to ensure that customers are protected from the current and impending effects of the pandemic in their personal and business livelihoods.
“From the time the pandemic started bringing anxiety to customers we have been making timely and necessary adjustments to provide safety nets that will help them manage their lives better.
“ As a bank we believe that it can be possible for everyone to grow even amidst adversity,”said Madinga in reference to previous waivers the bank made in relation to the pandemic.
The bank already waived fees on ATM and Cash Deposit transactions such as fund transfers, cash withdrawal, balance inquiries on Student accounts, Maziko customers and minors. Fees on statement requests on internet banking were also removed.
Currently, Malawi has recorded 33 Covid-19 cases, including three deaths thus according to Ministry of Health.
