Malawi charge card expands to UK,USA market – MobiMax

Malawi’s first ever charge card providers, MalCOM Limited, have introduced a new individual-obtained MobiMax Charge card which will enable cardholders purchase items in the United Kingdom (UK) and the United States of America (USA).

MobiMax Charge Card

MobiMax Charge Card

Francis Kajumo MalCOM

Francis Kajumo MalCOM

MalCOM Executive Chairman Francis Kajumo said in an interview that apart from the three charge cards they currently issue namely corporate card, employer issued-individual card and medical card, the new high value individual- obtained card will allow cardholders to now access US and UK markets where they can buy additional goods and services for personal and business use of their choice.

He said they are finalizing a catalogue of goods which will be linked to their website where cardholders can use to purchase goods of their choice at very competitive prices.

Kajumo said some of the items in the catalogue will include personal household appliances like; microwaves, cookers, washing machines, smart phones, video camera, flat screens and auto parts

Surveying the current economic situation in Malawi, Kajumo said, MalCOM identified and felt the need to service an existing consumer niche that has not been serviced by the current market platforms.

“The needs of the salaried consumer are not being adequately addressed by the financial sector in a growing economy like Malawi. The means to obtain high value consumer products that serve both as essential items and also hallmarks of personal progress are currently, non-existent,” said the US based Kajumo who is currently on a visit in the country.

“A strong middle class in a rapidly developing economy like Malawi requires increased access to unsecured purchasing power like in developed countries in the West.”

Reserve Bank of Malawi (RBM) has authorized the company to translate the concept into a business venture and MalCOM Limited has already received an endorsement from the Consumer Association of Malawi (CAMA).

“Industrialised countries have established credit rating systems and a plethora of relatively low interest credit cards and products available for a wide range of working class consumers. Malawi is lacking in this type of requisite financial infrastructure,” explained Kajumo.

He said the new individual-obtained card will attract no interest and will have very low standard transaction costs levied at each of the repayable 3-12 months period.

“The card can be obtained by any salaried worker from an established institution with at least a 12 month history of employment and satisfy eligibility requirements that include verification from their employer regarding their net earnings and thus purchasing potential,” said Kajumo.

“MalCOM expects to enable every working class Malawian to fulfill their dream lifestyle with access to goods and services, cash withdrawals and value added services without abusive interest rates. The future for a financially inclusive, dignified, secure, convenient cashless spending is now firmly in Malawi,” added Kajumo.

Recently MobiMax Charge Card was nominated for the Citi Mobile Challenge 2015 for Europe, Middle East and Africa (Emea).

Kajumo is a graduate of the University of Malawi and is based in Washington DC., where he works as a biomedical research scientist.

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17 thoughts on “Malawi charge card expands to UK,USA market – MobiMax”

  1. chigawenga says:

    I understand that this company is mostly owned by US based Malawians in diaspora. We need more of these kind of investments. The white people will invest in Zambia Moz and Botswana. No lights no water no nothing in Malawi.All Malawians are abroad becoz of no jobs and will risk xenophobia becoz there are no companies to get jobs.very sad.

  2. simon says:

    Malswitch cards do not provide credit- its a completely different card. Apples and oranges.Its was a debit card really.

  3. omolara says:

    great stuff! it’s time for Malawi to move into the 21st century…. let’s take this step

  4. Concerned health provider says:

    Having suffered identity theft three times now at the hands of Malawian financial institutions, I am wondering how personal information will be safeguarded more effectively than throughout the rest of the country.

  5. M'Malawi Weniweni says:

    I have read a related news item about MobiMax card. I have not seen anywhere where Reserve Bank (RBM) have vetted and accepted the introduction of the charge card as claimed by MalCOM on its web site. All I have seen is that RBM has no objection to the card as it is neither a credit card, nor a debit card nor linked to stakeholder bank accounts. So it does not fall under RBM supervisory jurisdiction. MobiMAX card is a free standing mechanism providing employer guaranteed consumer credit. It is accepted by merchants outside the banking payment system.
    In my view it is inferior to even the old Malswitch card used to purchase fuel at BP and other filling stations.

  6. M'Malawi Weniweni says:

    It is not true that this is the first charge card. Protea Hotels (when running Mount Soche and Capital) were providing charge corporate cards for use at all Malawi Hotels properties as early as 1996. Another issue regarding the new charge card is: have has this company resolved the Forex controls underlying foreign remittances?

  7. Hussein says:

    Mlauzi, thanks for clarification. Since this is in its infancy I will watch with anticipation. It’s a step in the right direction.

  8. Achimidzimidzi says:

    Timely.

  9. mushoveri says:

    Some more competition to the Asian traders and South African shops will offer more choices to Malawian shoppers.

  10. Saludzai says:

    Bravo, Bravo, Bravo… We have been left behind for so long, this is a good direction to take as a Nation and I believe the Authorities and RBM will assist on legal framework and operationalization so that it materialises soon. We are tired of buying and using outdated but expensive equipment in our houses due to lack of easy procurement means from the global market.

  11. Sapitwa says:

    Considering the conversion from Kwacha to Dollar, things might be very expensive here in the US and in the UK for a Malawian buying online from Malawi.
    There are good quality items that you could buy from China with caution though.

  12. Mlauzi says:

    Hussein this looks like a service for people in Malawi to buy goods outside Malawi on credit not travellers. People traveling already have cash to buy their stuff by obtaining forex travel allowances from commercial banks. Commercial banks issue very high interest rate card for travellers at about 60% interest mainly for corporate bosses

  13. Hussein says:

    One frustration I have is not being able to purchase goods and services online. This article is not clear on whether this will be offered in the services of these cards. It sounds like a service for those who travel to the West and Europe? Or I may have misunderstood.

  14. A Cuthbert says:

    Very interesting development and i think we need more initiatives like this in Malawi. Lets not wait for others to help us let us help ourselves

  15. mapwevupwevu says:

    This firm will die a natural death the requirements analysis not well done…another malcom-gate.Guys take care care wooooooo these are financial crooks.komanso iwe author unima graduate ndiye kuti chani?

  16. The Real ujeni says:

    Good move, let those who sell fake goodies have competition with genuine products and those sell their goods at exorbitant price like Game have competition. Will at least see reduction of over priced goods at last.

  17. Che Wanimiliyoni says:

    We are indeed moving in the right direction. Let’s hope RBM help this firm to easily externalise our hard earned forex otherwise this firm will be shortlived. On another note I am for the concept of paying on spot traffic fines through Airtelmoney. Kugwidwa ku 5 ndi a speed trap/ breatherlyser/ overloading between BT & LL si K50 pin imeneyo, nde yonseyo ikhale m’wallet?

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