TNM’s push for financial inclusion impresses World Bank

The office of the World Bank in Malawi has commended TNM Plc for providing technology that is helping people in rural areas improve their livelihoods through financial inclusion.

After a tour of beneficiaries of the social support for resilient livelihoods project (SSRLP) — which is funded by the World Bank, Country Manager, Hugh Riddell said: “Financial inclusion is part of the graduation story in social protection.

Riddell being appraised of the services offered

“What comes very important is that beneficiaries who are enrolled in social cash transfer can use the same channels they have received the resources from to start saving and banking some of the resources.”

SSRLP deploys mobile money technology, which TNM Mpamba is one of,  to facilitate funds transfer to beneficiaries and TNM Mpamba Ltd General Manager, Chris Sukasuka said the e-payment system has enhanced the implementation of the project.

“The project is being implemented by the government of Malawi  through the National Local Government Finance Committee through the Local Government for a period of seven years from 2020 to 2028 with financial assistance from World Bank,” Sukasuka said.

Ridell and his entourage

“We at TNM have partnered Government of Malawi in digitizing the social cash transfer project by introducing e-payment. What we have done is to preserve the dignity of the beneficiaries since they will no longer be subjects to long queues waiting for cash.

“We are providing convenience and flexibility to the beneficiaries as they can access their money any time and choose to cash it whenever they want it.

“We are doing this through mobile wallets by first giving sim cards to the beneficiaries and have also introduced mpamba debt cards which they can use to swipe and redeem their money.”

Sukasuka added that through the project, TNM has taken lead in championing financial inclusion for the unbanked across rural Malawi.

“We are talking about very remote, disparate areas where we have also managed to create jobs for the youth as our agents who are using our point of sale machines,” he said.

Riddel described the financial inclusion aspect of the program as insurance in times of shocks.

Present was Minister of Gender & Social Welfare Jean Sendeza, who assured of Government’s continued support towards social protection, saying: “Social protection programs are the first line of defence in protecting people from social amenities like poverty and hunger.

“This is why as a government we have increased the allocation of money for social cash transfer so that we heed to calls by people to have the figure raised as well as numbers of beneficiaries increased.

“On top of this, we are also reintroducing the public works programs which we believe will assist in rebuilding the communities that have been hit by cyclones in terms of road infrastructure and others,” she said.

And one of the beneficiaries of the project Stelia Ziba, a widow from Traditional Authority Mwase, said she has managed to start a small business from the money she received from the social cash transfer — which is helping her keep her home and supporting her four children to go to school.

“However, she expressed the need for government to raise the amount which is currently at K4,000 per household, hinting that the country is going through strained economic times.

Meanwhile, in order to enhance more digital transactions in paying for goods and services, TNM Mpamba Limited, a subsidiary of Malawi Stock Exchange-listed TNM Plc, launched a Mpamba Kashi Kashi promotion on March 9 that was initiated to reward customers and agents across the country till June 6, 2023.

The final draw of the promotion will dish out K1 million to 28 customers — one from every district which would be complemented by bi-weekly draws from which TNM Mpamba customers and agents will be winning cash prizes ranging from K25,000 to K100,000.

The first winner will be getting K100,000, second K50,000 and the third K25,000 as announced by acting TNM chief Executive Officer (CEO), Lloyd Gowera during the launch at Nsungwi of Area 25 in Lilongwe.

Gowera said the Kashi Kashi promotion “aims to share the multiple benefits that the mobile money platform is providing such as enhancement of financial inclusion”.

“Our Mpamba platform is making a significant impact to the social economic development of the country. Therefore, the promotion aims at engaging our key stakeholders thus agents and customers to enhance their experience on digital transactions.”

The promotion, that is expected to run for three months, is set to reward 1,344 customers and 840 agents across the country, and Gowera said: “Our goal is to encourage mobile transactions, which is now a lifestyle for every customer and with the promotion everyone is a winner.”

“We always live by our core purpose of creating possibilities, therefore through the promotion we are going to accomplish that.”

TNM Mpamba has simplified entry modalities of the Kashi-Kashi promotion where customers will participate after any transaction of K500 for customers and K5,000 for agents after servicing customer transaction of.

As soon as one transacts on Mpamba, they received an immediate SMS notification that informs of number of entries earned and customers are urged to dial *444#>>My Account to check their total points and to transact more to increase their entries.

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