Customers of TNM Mpamba Limited will now be able to save as well as borrow money following the launch of Mpamba Pasavute, a mobile money service linked to personal bank accounts of micro lender FINCA Malawi.
To access Mpamba Pasavute, customers should dial *444# and then follow the service and product dashboard of Mpamba to select 5 for Financial Services followed by 3 for Savings and Loans and 1 for Mpamba Pasavute.
Launching the service TNM Mpamba Limited General Manager Chikhilupiliro Mphatso said introduction of Mpamba Pasavute aims to provide cash to customers while cutting out the normal paper out needed for one to access the loan.
Following the outbreak of Covid-19, TNM Mpamba is promoting the use of mobile money transfers to protect Malawians from contracting the highly contagious and debilitating flu.
“The service will be offering a savings and loans product that will use the customers TNM Mpamba transaction history, airtime and data usage to determine their credit worthiness. The Fintech innovation will therefore enhance financial inclusion in the country,” said Mphatso.
For his part, FINCA Malawi Head of Mobile & Digital Business Daniel Makata said; “This mobile money product underscores our continued efforts to broaden financial products and services. We believe that through Mpamba Pasavute we will enhance productivity of our customers.”
Makata said the joint service is designed to offer a holistic and easily accessible savings and loan product to shared customers of the two companies.
“At FINCA, we strive to improve the social economic status of Micro, Small and Medium-Size Enterprises (MSMEs),” he said.
Mpamba Pasavute customers will earn seven (7%) percent on their deposits, which is a premium to the current deposit rates offered by FINCA.
TNM Mpamba Ltd, a subsidiary of TNM Plc has been working with FINCA Malawi since October 2018.