By Brenda Kayo:
Standard Bank Malawi has launched a new campaign called ‘Yours 247’, enabling small and medium enterprises (SMEs) with enterprise accounts to access banking services through mobile phones by using USSD *247#.
According to Standard Bank Chief Executive Officer Phillip Madinga, the platform aims to provide easy and accessible banking services to all.
Madinga said SMEs could now transact banking services, including sending and receiving money, borrowing funds and paying transactions directly from their mobile phones.
He said the initiative underscored Standard Bank’s commitment to supporting SMEs and promoting financial inclusion in Malawi.
“A core focus is to enhance SME banking, allowing business owners to conduct transactions without internet access. This addresses [a] previous limitation where such services were restricted to online platforms,” Madinga said.
The campaign has also introduced a simplified mobile application interface, enabling seamless account management, loan application, real-time financial tracking and bulk payment using combined mobile app and online banking.
The platform has also given SME operators an opportunity to switch between personal and business banking.
Through the facility, entrepreneurs will be able to schedule payments, monitor cash flow and access financing swiftly.
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