Old Mutual embraces cashless transactions in Malawi: Banknotes, coins spread coronavirus
Old Mutual Malawi Limited has resorted to transacting business through mobile phone money services and online banking amid worry that using banknotes and coins can spread the coronavirus disease (Covid-19) which has affected Malawi and the rest of the World.
Marketing and Corporate Affairs Manager, Patience Chatsika, has disclosed this in a statement made available to Nyasa Times, saying the company wants to protect its employees and customers from contracting the virus.
“As a responsible business, in our efforts to encourage social distancing as a prevention measure and in line with the Reserve Bank of Malawi measures to promote mobile phone payments and internet banking in the country, we have accelerated our capabilities in digital platforms to help limit walk-in customers at our branches and hand-to-hand exchange of physical currency respectively,” reads in part the statement.
Apparently, the World Health Organization (WHO) actually released a statement in March, flagging banknotes and coins as possible channels in the spread of the Coronavirus.
The global health body, therefore, recommended to businesses and consumers to shift towards cashless transactions to help fight the virus.
And, according to the Old Mutual statement, the company is also trying to comply with the WHO recommendations.
The statement says both retail and corporate products are available on mobile phone money services and on internet banking.
Retail products customers can pay premiums through TNM Mpamba and Airtel Money, pay greenlife premiums through bank account, invest via USSD on Mpamba Fesa and top up unit trust through mobile banking/internet banking from all banks digital platforms.
And corporate products customers can pay pension contributions and group life assurance premium through bank transfers, top up Private Wealth Management Account through bank transfers and top up Old Mutual Investment Group Money Market Investment through bank transfer.
“As an essential service provider, empowering our customers to continue doing business with us from the convenience and comfort of their homes, is a key focus during this time.
“As we move forward with this initiative, we continue to use digital technology to simplify and digitalize our customer journey to offer a smooth end-to-end experience,” adds the statement.
It further acknowledges that the outbreak of Covid-19 is a major disruption and, as such, Old Mutual has reassured its customers that it remains resilient and continue to offer digital technology and services that keep delivering exceptional experiences to customers.
“Apart from the existing main channel of electronic funds transfer we have also included direct payment to mobile phones to ensure our customers have access to their benefits.
“This service is limited to retail customers whose KYC details are up-to-date and registered with Malawi Communications Regulatory Authority using One-Click Platform.
“Our turn-around time remains constant for all our products that include 48 Hours for all funeral covers including Timba Funeral Plan, Timba Plus and for corporate clients who have funeral as one of their benefits”.
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