Information and Civic Education Minister Patricia Kaliati has applauded Malawi’s premier mobile network services provider TNM and Old Mutual for partnering to launch Mpamba Fesa, a mobile money investment tool, saying it will help deepen financial inclusion for Malawi’s unbanked.
Speaking in Blantyre when she officially launched the new product, Kaliati commended TNM for investing in infrastructure and technology that supports products responding to the financial needs of Malawians.
“This product has come at the time when there are calls by Malawians in rural areas for alternative investment avenue. This product offers great potential for pushing the boundaries of financial inclusion and helping to harness a culture of saving and investing amongst Malawians,” she said.
The ICT and Civic Education Minister wowed Malawians to graduate from old ways of saving into mobile money investments as Mpamba Fesa combines the power of mobile telecoms and financial services capabilities to deliver an alternative investment and savings solution to the masses.
“The future of money and finance is looking increasingly mobile, and we must promote the uptake of mobile money technologies if we hope to take off together with the economy,” she said.
For his part, TNM CEO Douglas Stevenson said Mpamba Fesa has come to make it easier for Malawians participate in financial inclusion processes and build their personal wealth.
“Now you can command your phone for Mpamba Fesa to invest your money wherever you’re in Malawi–North, South Centre and in between. It’s a great way of saving for a rainy day. With Mpamba Fesa, TNM is playing a part to help break any barriers to financial inclusion,” he said.
Old Mutual Acting CEO Edith Jiya said Mpamba Fesa, which is linked to the life assurance’s Unit Trusts, offers higher interest yields compared to other investment products available in the Malawi market.
Presenting the new product to the ICT Minister and officials from Reserve Bank of Malawi, TNM Chief Commercial Officer Dan Makata said Mpamba Fesa is easy and convenient to work with as it eliminates red tape in the quest for financial inclusion.
“Mpamba Fesa offers the most convenient way to invest on the money market. There is no tedious paper work that one goes through when investing like in the mainstream market. With onlu K1,000 one can start to build wealth,” he said.
To register for Mpamba Fesa a customer dials *444#, select 4 for Financial Services, choose Fesa and follow on-menu prompts.
Apart from receiving and sending money, TNM Mpamba also provides an opportunity for registered customers to pay utility bills, MASM and TV subscriptions among others.