NBM, TNM partner in financial inclusion drive
Malawi Stock Exchange (MSE) – listed National Bank of Malawi (NBM) on Friday partnered integrated mobile phone network service provider, TNM, in a mobile money transfer initiative.
The partnership would see an integration of the bank’s Mo626 ice and TNM’s Mpamba a mobile money transfer service.
The partnership intends to contribute towards the country’s financial inclusion drive.
The pact comes as households’ access to formal financial services in Malawi has jumped by 12 percentage points from 17 percent in 2013 to 29 percent in 2018, according to results of the latest Financial Literacy and Capability Survey.
With the service, NBM customers would be able to withdraw money received from any TNM Mpamba wallet through the bank’s auto teller machines.
Similarly, they [customers] can deposit money from their accounts into Mpamba wallets and access it through TNM Mobile Money Agents across the country.
NBM Head of Cards and E-banking, William Kaunda, hailed the partnership, saying it complements the bank’s digital banking strategy which is a part of a strategic plan towards financial inclusion drive.
“We [NBM] take pride in being at the forefront of revolutionising banking with digital platforms. This arrangement would increase the reach of our digital channels and accelerate our penetration of the market in our new push towards full digitisation,” Kaunda said.
TNM Chief Officer (Sales and Marketing), Daniel Makata, said the agreement is part of innovations by the two institutions, aimed at applying mobile money technology as a catalyst for economic development through financial inclusion.
He said the goal is to provide seamless accessibility and convenience to customers of both institutions.
“Our upgraded Mpamba service now makes digital transactions a reality for Malawians,” he said.