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 Malawi Stock Exchange (MSE)-listed firms can enjoy seamless transactions whenever they want to withdraw money sent from their TNM Mpamba wallets to an NBM account.
They can also cash out money sent to their Mpamba wallet from an NBM account over the counter or using the bank’s mobile money platform Mo626ice anywhere in the country.
Speaking during the announcement of the partnership between the two subsidiaries of dual-listed conglomerate Press Corporation Limited plc (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 don’t need to have headache whenever they want to pay their employees. They can push their payroll through National Bank and split the money to TNM Mpamba wallets.
“This arrangement will increase the reach of our digital channels and accelerate our penetration of the market in our new push towards full digitisation,” he said.
TNM plc chief officer for sales and marketing Daniel Makata said this is the latest in a 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 FinScope Consumer Survey Malawi 2014 showing that 34 percent of adults (18 years and older) are formally served financially, through both banked and non-bank 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 operations of the new service is based on the converged service which compliments the role that is already being played by mobile money agents in providing liquidity in the TNM Mpamba ecosystem, according to TNM plc.