National Bank of Malawi partners with Old Mutual Malawi on retail product premium payments

National Bank of Malawi (NBM) plc has partnered with Old Mutual (Ltd) Malawi to facilitate digital insurance premium collections for its retail products.

NBM Head of Digital Services William Kaunda said in an interview that Old Mutual policy holders will now find a convenient way of paying their premiums through the bank’s digital platforms starting with a mobile platform Mo626ICE.

“This partnership will benefit policy holders in that it is fast, convenient, secure and also safe. We are all aware of the current Covid-19 pandemic and it is safe for customers to transact in the comfort and safety of their homes using our digital platforms, they do not need to walk into NBM plc or Old Mutual buildings to make their premium payments,” said Kaunda.

He said at the moment, the services has been availed on the mobile platform Mo626ICE but will soon be incorporated on the premier mobile banking platform Mo626 Digital+ and internet banking platform BankNet360.

“There will also be policy ID validation as such customers with invalid policy ID’s will not be able to make payments. The integration is in this manner to eliminate erroneous payments and subsequently remove the effort that would be required to resolve such issues,” said Kaunda.

Old Mutual Ltd Malawi Marketing and Corporate Affairs Manager Patience Chatsika said the development will provide the much-needed convenience, safety and a reliable way of paying premiums for policy holders.

“Our partnership with National Bank will enable customers from both ends to benefit from the shared capabilities across the digital landscape as we strive to enhance their experience with us. As Old Mutual we constantly ensure that we innovate and adapt to meet the demands of our customers,” said Chatsika.

She said all Old Mutual Retail products such as Tsogolo Savings Plan, Timba Family Plan, Timba Plus, Mlera life Cover and Greenlife will have their premiums paid through the NBM plc digital channels.

“We understand that our customers need ease of use, therefore we have added this platform to assist customers who pay premiums through debit orders with National Bank. For instance when one has missed to pay premium on the agreed date, the customer has the option to pay the premium through MO626 without walking in to Old Mutual and National Bank to make the deposit and provide proof of payment.”

“As a leading financial services provider, Old Mutual Malawi aims to also improve customer experience and adapt to meet the ever-changing demands in the environment we are operating in at a rapid pace,” said Chatsika.