TNM Mpamba Limited, wholly owned subsidiary of TNM plc, has launched Mudzi Wathu Village Bank at Chatoloma in Kasungu to promote a culture of saving by people in rural areas.
Speaking at the launch, CEO Arnold Mbwana said Mpamba Mudzi Wathu Village Bank is a mobile technology financial tool that will broaden inclusion and participation of rural people in the mainstream of financial services ecosystems.
“Mobile technology is the new bridge connecting community development to financial services to catalyze social-economic development of rural and remote areas. With Mpamba Mudzi Wathu Village Bank, TNM is introducing E-Commerce to the unbanked and under-banked, while offering both security and convenience to savings groups to meet their development needs,” said Mbwana.
He said the Mpamba-based group Village Bank service will migrate rudimental savings and lending from traditional to digitally-enabled platforms with enhanced safety and transactability for cash.
According to Chris Sukasuka, TNM Mpamba Limited General Manager the service will bring equity in financial inclusion.
“The service breaks geographic barriers ensuring that both urban and rural people get equal access to financial services and benefit equally from the diversity of new financial technologies,” he said.
Plan International Malawi Country Director Phoebe Kasoga said the innovation will take financial inclusion to great heights more especially among women.
“Elsewhere in Africa the model has proved to be an effective tool for driving financial inclusion and economic empowerment. We are therefore required to build trust so that women in Malawi can understand that the service by TNM can make their lives better,” said Kasoga.
Appreciating the impact of the product, Kasoga said called for intensive awareness of Mudzi Wathu Village Bank to enhance adoption.
“There is a need to generate enough resources to be able to train women for them to understand the meaning of digital capabilities and ensuring that the product delivers best value in their lives,” she said.
On her part, Chairpeson for Kawiya Village Bank, Loveness Nyirenda is optimistic that the service will secure their club’s money.
“Mudzi Wathu Village Bank has come at a right time when groups are searching for ways to improve safety of savings. The challenge we have been encountering in keeping cash has been sorted with the product,” said Nyirenda.
The community launch of Mpamba Mudzi Wathu Village Bank follows its unveiling during the 1st Generation Equality Conference in Lilongwe on April 16, 2022 hosted by former President and prominent Pan African women’s activist Dr Joyce Banda.