T-24 manufacturer, Temenos, has denied categorically that its system is the cause for illegal money withdraws at National Bank of Malawi.
Nyasa Times sources at the bank said by throwing in Temenos to comment on the matter, NBM executive management is running away from the spotlight as they would be forced to reveal the problems in the project implementation and how withdraws were being done illegally from a system which is said to be robust.

In a brief statement Temenos’ spokesperson Petra Shuttlewood defended T-24 banking system as not part and parcel for the illegal withdraws and poor performances at the National Bank.

Shuttlewood said their client has reported to them of satisfaction on the system installed recently

“Temenos strongly dispute the reported ‘system lapse’ of T24. NBM is satisfied with the performance of T24 to date and the system is running in a stable and robust manner. Claims that a T24 system lapse is responsible for illegal ATM withdrawals and financial losses of the bank are completely false and factually inaccurate,” said Shuttlewood in the statement.

One of the commercial banks in Malawi , FDH Bank has testified that they invested substantial resources in the system upgrade on their core banking system, T24 from Release 7 to 10 which has enabled them achieve seamless integration with their ATM network, enabling customers to access banking services outside normal banking hours.

Nyasa Times sources insist that the illegal withdraws the National Bank were through the bank’s porous system that prompted by computer sciences students at Chancellor College to take advantage of and records show that the money lost in the scam was K400 million.

National Bank has tried to assure Malawians that challenges on their systems has been resolved but many customers have aired out frustration of failure to even manage client queues in banking halls.

On internet banking platforms many Malawians in diaspora say they are frustrated with National Bank of Malawi BankNet as the platform is unable to process payments promptly.

They also say it takes up to 72 hours to record a deposit, transfer or withdrawals.

“In this information age it is hard to convince clients within and outside Malawi to say as large as it is National Bank cannot even update their websites with correct information,” said one customer.

Another one based in Malawi said National Bank has not paid correct amounts of interest on fixed and savings deposit accounts.

“On a savings account that I opened at last year with a fixed balance of K2 million, they paid me K220 as of December 31, 2011. The correct interest is about K50,000. When I went to the branch the savings accounts manager, Bahati Chimimba said there was a system failure and the bank is working on the problem,” said the customer.

The client said it was easy to pick the underpayment of about K48,000 because of an accountancy background but wondered how many people have been underpaid and others not yet paid up to date.

Sources say massive losses were recorded with the building of the new offices and the illegal withdraws.