Malawian operator TNM has partnered with Old Mutual to launch Mpamba Fesa, a mobile money investment tool aimed at Malawi’s unbanked.
TNM CEO Douglas Stevenson said Mpamba Fesa has come to make it easier for Malawians to participate in financial inclusion and build their personal wealth. Old Mutual Acting CEO Edith Jiya said Mpamba Fesa, which is linked to the life assurance’s Unit Trusts, offers higher interest yields compared to other investment products available in the Malawi market.
Mpamba Fesa is easy and convenient to work with as it eliminates red tape. Mpamba Fesa offers the most convenient way to invest on the money market. There is no tedious paper work that one goes through when investing like in the mainstream market. With only MWK1,000, one can start to build wealth, he said. To register for Mpamba Fesa, customers dial star 444 hash, select 4 for Financial Services, choose Fesa and follow on-menu prompts.
Apart from receiving and sending money, TNM Mpamba also provides an opportunity for registered customers to pay utility bills, MASM and TV subscriptions among others.