Banks raises charges

Banking charges have gone up for service users, a move that will see most users shun interbank transactions especially use of ATM machines.

My Bucks, Standard Bank, FDH Bank and NBS Bank have announced a series of changes including removal of ATM withdraw fee but will instead charge customers from other banks fees for using their machines.

The banks have also adjusted charges to mobile money transfers.

Withdrawing on Standard Bank ATM machines will now cost K34 more at K364 while mobile transfers of less than K5000 will be charged  at K500.

My Bucks bank will charge K75 more at K375 for ATM cashing on their machines while FDH will see customers from other banks pay K50 more at K350.

Mobile transfers at NBS will cost K600 from K500 last year and non customers will pay K300 up from K250 last year.

Malawi has one of the lowest adult banking rates mainly due to low income, low deposits  interest and high cost of banking charges.

Only 33 percent of adults population estimated to he around 8 million have bank accounts

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