Telekom Networks Malawi Limited (TNM) has launched a mobile banking facility, called TNM Mobile Money. TNM Head of Marketing Division, Sobhuza Ngwenya told the media that the service was unveiled on Thursday May 2 through a statement that was published in the local media.
‚ÄúTNM is proud to announce the launch of another block of the great nation of Malawi,‚ÄĚ says the company.
The service which they are calling ‚ÄėMpamba‚Äô ‚Äď a local language name that means ‚ÄėStart-up-Capital‚Äô – is where registered customers will be able to use their mobile phones to access various financial services.
The statement, which the company‚Äôs Marketing Division availed to the media, says both customers with bank accounts and those without bank accounts can use the service and, among others, can receive their salaries or wages, receive or send funds, cash-out and cash-in money, purchase items, as well as pay bills through their mobile money account.
TNM says the launch of the service is in line with the worldwide revolution from cash-based to cashless societies with simplified and advanced payment solutions.
The pioneer phone mobile company in the country says this service aims at reducing banking absence in the country which has about 80% of an unbanked population.
‚ÄúOut of these, a lot of people still want to access financial services. Mpamba will help in bridging this gap by offering financial services wherever TNM mobile network is present,‚ÄĚ says the company.
Where customers have bank accounts, the company says their Mpamba account (also known as a Wallet) can be linked to the regular bank account where they can access it (bank account) remotely.
Operation of the Mpamba service will be through agents who will be a person or business that is would be contracted by TNM to facilitate transactions for customers both registered and unregistered.
With Mpamba, the company says, TNM customers can convert cash into electronic money (e-value) and vice versa at any Mpamba Agents who will also be responsible for accepting customer deposits (cash-ins) and customer payments (cash-outs).
The company says advantages of TNM Mpamba include safety which means clients will safely transfer funds through mobile money than carrying physical cash and the convenient aspect about it will be that payments will be made anywhere and anytime.
The service is also being touted for its cost effectiveness and time saving as it¬†cuts travel costs to make payments or execute bank transactions as well as for being efficient and reliable¬†¬†as it will make real time transactions at less cost.
‚ÄúTNM is a company owned by the people of Malawi; and we believe our achievements and our loyalty to the Nation of Malawi have been one of these buildings blocks. It is therefore, an honour and privilege that TNM today launches the TNM Mobile Money service,‚ÄĚ the company says.
TNM says it has confidence to bring the service to the market because Mobile Money services have been established successfully in other parts of the world, and that nowhere else has it been as successful as what has been achieved in Malawi‚Äôs sister Nation, of Kenya and they hope to emulate how the service has achieved greatness there.
‚ÄúSafaricom, the largest telecommunication company in Kenya, launched MPESA which has become the benchmark and the definition of success, for Mobile Money Services all over the world,‚ÄĚ TNM states.
The company says it has invested in one of the best mobile money intelligent platforms and systems available in the world.
‚ÄúThe system is supplied by Fundamo, a subsidiary company of VISA, the largest card company in the world,‚ÄĚ the company boasts in the statement.
The company tells its customers how trustworthy the service is saying once they have deposited in their Mpamba account will be safeguarded in Trust Accounts which will be held with National Bank of Malawi and First Merchant Bank.
The facility also follows legally accepted arrangement saying the services are being regulated by the Reserve Bank of Malawi (RBM) through their National Payments Department to oversee and regulate services offered by Mamba, to ensure compliance by TNM Mobile Money Services to the financial, Money laundering, anti-corruption and anti-terrorism laws and regulations.
‚ÄúFollowing an independent Audit and inspection by the Reserve Bank of Malawi, the Mpamba service, TNM was issued with the final approval to launch the MPAMBA product to the people of Malawi,‚ÄĚ the mobile phone company says.
The TNM mobile money products and services will include every basic payment service usable on a daily basis by every consumer in the Malawi economy.
The company says these services are designed to assist customers to execute any payment transaction for products and services, at a lower cost and in the convenience of your own home, office; car or village.
The country‚Äôs only other mobile phone service provider also run a similar facility called ‚ÄėAirtel Money‚Äô which was launched on February 29, 2012, making history as Malawi first mobile commerce solution.
Airtel Money was launched under the theme of Evolution, Airtel Money, which is also known as ‚ÄėKhusa M’manja‚Äô a vernacular slang that means ‚Äėmoney in hands‚Äô.
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