One of the country’s high-street banks, FDH Bank, has indicated that push and pull transactions between customer bank accounts and Mpamba mobile money wallets have grown exponentially since the launch of the innovation seven years ago.
In an interview, FDH Public Relations Manager Lorraine Chikhula said the bank is passionate about financial inclusion, hence ensuring that the innovation is being sustained.
“With continuous technological advancements, transfers from bank to mobile money wallets and from mobile money wallets to Bank have become an integral part of funds transfer transactions.
“FDH was one of the first banks to introduce this service on the market and has since seen the continuous growth of transactions between bank accounts and Mpamba. This service allows people to cash out from Mpamba kiosks after receiving money from FDH and vice versa, meaning people can transact right in their communities conveniently,” Chikhula said.
TNM Head of Marketing Madalitso Jonazi said as a player in the tech sector, they are pleased with the progress this far.
“This innovation has resulted in increased inclusion; TNM is a truly Malawian company, and inclusion is a major development indicator promoted by the Malawi Government. We are delighted to be a part of this through Mpamba,” Jonazi said.