National Bank of Malawi plc (NBM )and TNM plc have taken financial inclusion to another level by linking their mobile money platforms to enable customers send and receive money from the two platforms.
This means that customers of the two stock exchange listed firms can enjoy seamless transactions whenever they want to withdraw or send money from their TNM Mpamba to an NBM account
They can also cash out money sent to their Mpamba wallet from any NBM account over the counter or using the banks mobile platform Mo626ice anywhere in the country.
Speaking during the announcement of the partnership between the two subsidiaries of dual listed conglomerate Press Corporation Limited (PCL) in Blantyre on Friday, NBM head of Cards and e-Banking William Kaunda said they have grown the partnership beyond the group level as part of the digital banking strategy
“We want to build a coherent ecosystem together. The partnership opens up to a new world. Corporates do not need to have a headache whenever they want to pay employees. They can push their payroll and split the money to TNM Mpamba wallets.”
“This arrangement will increase reach of our digital channels and accelerate our penetration of the market in our new push towards full digitalization.” He said
TNM chief officer for sales and Marketing Daniel Makata said this is the latest in the series of innovations by the two firms aimed at applying mobile money technology to enhance financial inclusion.
He said, “ integration with Banks started in 2017 and by the end of the year, we expect to make significant progress to integrate TNM Mpamba with all Major Banks in the country to provide convenience for our shared customers.”
The initiative comes against the backdrop of Fin Scope Consumer survey Malawi 2014 showing that 34 percent of adults (18 years and older) are formally served financially through both banked and non-banked financial products.
It further shows that 51 percent of the country’s population have no financial products/services to manage their finances, which means that if they save, they keep their money at home and if they borrow, they only rely on family and friends.
The operation of the new service is based on the converged service which complements the role that is already being played by mobile money agents in providing liquidity in the TNM Mpamba system, according to TNM plc