TNM partners Finca to launch Mpamba Pasavute: Savings and loans product

In its quest to enhance financial inclusion in the country, TNM Mpamba Limited has partnered with FINCA Malawi to provide a much more convenient and easily accessible savings and loans product dubbed Mpamba Pasavute.

The integration with FINCA enables TNM Mpamba to offer savings and loans
TNM Mpamba Limited partnered FINCA to enable customers to push money from both sides

Mpamba Pasavute is a mobile money product that allows customers to save money using their mobile phones and acquire a microloan based on their scoring.

According to Chikhilupiliro Mphatso, TNM Mpamba Limited General Manager, Mpamba Pasavute attest to the company’s serious drive to make financial inclusion a reality.

“This new offering is part of our journey to grow the mobile money ecosystem, facilitate availability of liquidity in these harsh times and reduce physical handling of cash in view of risks of Covid-19 transmission. Mpamba Pasavute represents a convenient and smart financial platform available 24/7 at our customers’ fingertips,” said Mphatso.

Mphatso revered Mpamba Pasavute saying the financial technology innovation will expand the banking industry.

“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.

He said that TNM Mpamba Limited will continue to innovate to make Mpamba the preferred financial service provider.

“Since we started person to person money transfer to fill the gap in the financial services ecosystem of Malawi, TNM Mpamba has been evolving through partnerships with other financial institutions. The integration with FINCA enables TNM Mpamba to offer savings and loans thereby making the platform convenient for our shared customers,” he said.

Among its key exciting offerings to the consumer, Mpamba Pasavute offers competitive interests on savings, quick access of loans (one can access immediately they register for the product) and zero transactional charges when moving money between Mpamba Pasavute and Mpamba wallets.

Customers shall enjoy higher interests than what the market is currently offering. A Mpamba Pasavute customer will be given a (+ 1 percent) on top of what Finca is offering/will be offering at any point in time (Finca is currently offering 6%).

In October 2018, TNM Mpamba Limited partnered FINCA to enable customers to push money from both sides. This provided freedom and power of transaction to customers.

“We are excited to see the partnership growing further to provide savings and credit facilities,” said Mphatso.

FINCA Malawi Head of Mobile & Digital Business, Daniel Makata said Mpamba Pasavute is designed to offer a holistic and easily accessible savings and loan product to both FINCA and non FINCA customers within the comfort of their homes.

Amidst the threat of Covid 19 Pandemic the launch of the product offers customers an easy way to save as well as get a loan.

“At FINCA, we strive to improve the social economic status of Micro, Small and Medium-Size Enterprises (MSMEs). This mobile money product underscores our continued efforts to broaden the finance products and services. We believe that through Mpamba Pasavute we will enhance productivity of our customers,” said Makata.

Makata said FINCA is continuously investing in digital technology to support delivery of services and products to improve accessibility across the country.

FINCA Malawi is a licensed Deposit Taking Microfinance Institution that currently serves its customers across 22 branches and a growing agency banking network across Malawi. TNM Mpamba Limited is a digital financial services provider which started its operation in 2013.

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