Digitally transforming banking in Malawi
Digitising banking in Malawi’s financial sector 02
WRIT TEN BY
SEAN GALEA-PACE PRODUCED BY
JUSTIN BRAND
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Lusungu Mkandawire, Country Head of Information Security at Ecobank Transnational, discusses the impact new technology is having on banks in the age of digital transformation
A
s the first bank in Malawi to launch a mobile app, Ecobank is beginning to embrace technology in a bid to stay ahead of its
rivals. With 80% of the population in Malawi unbanked, 04
Ecobank remains determined to lead its competitors and set the trends in the industry. Lusungu Mkandawire, Country Head of Information Security, believes it’s vital that Ecobank continues to innovate and remains the first institution in the field to implement new software and react to change. With innovation firmly in mind, 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.
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“ We’ve successfully developed products that pose a real benefit to our customers, clients and other businesses”
With most of the other local banks still only brick and mortar, it’s really important for us to fully embrace digital technology.” The USSD is a global system for mobile communication technology that is used to send messages between a mobile phone and an application programme in the network. Mkandawire affirms that through utilising such software, the app provides Ecobank’s customers with greater freedom for their transactions. “Ecobank Malawi is integrated with all the mobile money providers in
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— Lusungu Mkandawire Country Head of Information Security, Ecobank Transnational
Malawi,” says Mkandawire. “This enables our customers to seamlessly do transactions without time restrictions. Every bank in Malawi has a mobile banking strategy and is integrating with those who have their own mobile banking products.” With mobile banking providing a wide range of different functions, Mkandawire points out how customers can significantly benefit from operating the app.
CLICK TO WATCH : ‘ECOBANK MOBILE APP BENEFITS: GENERAL ’ 07 “Customers want self service where
has meant that banks which delay their
they are able to check their balance
digital transformation strategies are
from home or pay bills from anywhere
trailing behind. Banks can develop their
on the planet. Customers want an
products at a reduced cost through
omnichannel service and this means
utilising their product development and
connecting all these touch points to
IT operations, or DevOps. Mkandawire
create a seamless, consistent and
is well aware of just how important it is
pleasant experience. This lets custom-
to keep up with the latest trends.
ers move from one touch point to
“Speed and innovation are critical
another without feeling a disruption
success factors in today’s digital world.
or disconnection.”
Being able to innovate quickly and cheaply, test digital products and
IMPORTANCE OF INNOVATION
services in the market, refine them and
With companies launching new products
release them on a regular basis has
at a quicker rate than ever before, it
become a competitive advantage,” w w w.e c o ban k. com
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$1.8bn Approximate revenue in 2017
1985 Year founded
36
Countries of operation
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.” Having joined Ecobank in May 2018 to take control of Information Security, Mkandawire has previously worked as the Information Security Manager at Airtel Africa and as an IT Audit Supervisor at KPMG. Such experience in technology and security has allowed Mkandawire to build up significant knowledge in the field. “I definitely combined IT and accounting in my previous roles. I feel it’s given me a good understanding of the
requirements of both positions, espe-
I believe we have a good setup for
cially during my time as an IT auditor.”
cybersecurity but you can never be 100% secure. You have to continuously
REMAINING SECURE IN THE DIGITAL SPACE
improve. Facebook was recently
While digital transformation has seen
is completely safe, especially in
companies experience tremendous
a banking environment like Ecobank.”
hacked so you can never say anything
growth, it has also caused the issue of
Previously, Ecobank utilized the ISO/
cybersecurity to become increasingly
IEC 27001 system which the company
prevalent. Although Mkandawire
adopted across all their fields. Now,
believes Ecobank is dealing with the
the company is embracing a wide range
issue in the right way, he maintains
of different projects to ensure that it
companies can never be too careful
keeps cybercrime at a minimum. “In
when it comes to security.
terms of cybersecurity, we have so
“I think Ecobank is handling it well.
many projects that are happening,”
E X E C U T I V E P R OF IL E
Lusungu Mkandawire Lusungu Mkandawire is a perceptive, result-driven IT professional with illustrious success directing a broad range of corporate IT initiatives while participating in planning, evaluating, analyzing and implementing solutions in support of business objectives. Lusungu excels at providing comprehensive secure network design, system analysis and full lifecycle project management.
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that Ecobank keeps up with the latest trends by ensuring its security functions operate at full capability. “We have recently upgraded our main firewall systems and have the latest checkpoint software. It’s so important to us that we’re as secure as possible.”
FORMING KEY PARTNERSHIPS Since it was first established in 1985, Ecobank has gone from operating solely in West Africa to holding offices in 36 countries across the continent.
“ I believe we have says Mkandawire. “We have internal a good setup for information security awareness trainings cybersecurity but campaigns and also have partners that you can never be help us too, such as McAfee who help us with advanced SIEM systems that 100% secure. You monitors security threats and guide us have to continuon how to prevent, detect and recover from attacks. Most of our security ously improve” standards and frameworks have been adopted by Microsoft, IBM and McAfee so we have lots of support.” With digital enhancements being implemented on an ever-changing basis, Mkandawire considers it vital
— Lusungu Mkandawire Country Head of Information Security, Ecobank Transnational w w w.e c o ban k. com
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In order to achieve and sustain that success, it has become increasingly important for companies to form key partnerships to accelerate their development. Ecobank has collaborated with Business Computers Services Malawi to provide them with IT servers and Mkandawire believes these strategic partnerships are vital
“ Speed and inno critical success today’s digital w — Lusungu Mkandawire Country Head of Information Security, Ecobank Transnational
to continued success. “We’ve successfully developed products that pose a real benefit to our 12
customers, clients and other business-
growth, this also applies to our business
es,” explains Mkandawire. “Strategic
strategic partners. By entering into
partnerships fuel your business growth
mutually beneficial partnerships, we
which is why Ecobank works proac-
have the opportunity to spur digital
tively to create and sustain them. Each
transformation at a level we couldn’t
partner takes a proactive interest in the
achieve on our own, differentiating
others company and we work together
ourselves through innovative products
to bring about our shared success.”
and business models that drive our
With the meteoric rise of financial technology in the banking sector in Africa, it is clear that the region’s future is heavily focused on technologybased products. As far as Ecobank and Mkandawire are concerned, the challenge is ensuring that the company embraces digital transformation head on. “We want to ensure the investment improves our bottom line and profitable
competitive edge.”
ovation are s factors in world�
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PO Box 511 Chichiri Blantyre Malawi T 00265 9999 89153 www.ecobank.com