TNM Mpamba Limited, wholly owned subsidiary by TNM Plc, has unveiled Mudzi Wathu Village Bank wallet to provide convenience and security to savings or lending groups in the country.
The group wallet will allow members of registered and formal savings/lending groups to migrate from the traditional way of processing their loan transactions digitally using Mpamba platform.
Announcing the group wallet in Lilongwe during the 1st Generation Equality Conference, Mpamba General Manager said the wallet has been designed to respond to the needs of savings groups such as village banks in the provision of safety for their money.
“Group savings is a novel but proven approach to uplifting millions of people out of poverty. The challenge is that cash is risky, and the group’s success can be tempting for thieves and individuals who can run away with their savings funds. We have established the wallet to enhance safety,” he said.
The innovation enables savings groups to create digital identity and enhance formal financial inclusion while improving transparency, he said.
“The digital savings wallet will help groups to provide statement of transactional activities thereby improving accuracy of records. Furthermore, it is more controlled as two individuals are required to initiate wallet transactions,” said Sukasuka.
Mudzi Wathu Village Bank is available to all Malawians who are in groups and have active TNM lines registered on Mpamba.
“Technology is challenging us to come up with effective features around the mobile money ecosystem. This wallet which is available to all Mpamba customers, reaffirms our commitment towards providing seamless services through the platform,” added Sukasuka.
The news savings wallet is available 24/7 and can be accessed on Mpamba USSD code *444#.
“Mpamba customers will use the service on either Mpamba USSD short codes or on organization web portal. The service can be accessed at any time of the day and from anywhere without having to visit any physical TNM branch shops,” he said.
Acknowledging the role of TNM in supporting government’s efforts in women empowerment, former president, Joyce Banda called for haste initiatives to redeem rural women from abject poverty.
“Here in Malawi 85 percent of women are living in abject poverty, while government is doing its part, some of us must go around and make sure that we empower rural communities. The good news is that we have organizations like TNM who are partnering with us to uplift women,” said Banda.
Banda hailed TNM for coming up with products and services that aim at enhancing financial inclusion among women.
“TNM is doing a recommendable job in coming up with services on the grassroots that are assisting women to access services like e-banking and credit,” she said.