MALAWI: TNM Mpamba Ltd partners Standard Bank to enhance financial inclusion

TNM Mpamba Ltd has entered into partnership with Standard Bank Plc that gives customers seamless control of their financial transactions and takes financial inclusion to a higher level.

The partnership is a continued quest by both TNM Mpamba Ltd and Standard Bank Plc through their array of digital finance products to enhance financial inclusion and provide convenience to Malawians.

The partnership provides TNM Mpamba Ltd and Standard Bank customers a two-way convenience to push money from any Standard Bank Account to any TNM Mpamba Wallet and vice versa. It also makes it possible for Mpamba agents to deposit their daily income at any Standard Bank branch across the country.

Announcing the partnership, Mpamba General Manager Chikhulupiliro Mphatso said through the partnership, Mpamba customers and Standard Bank Customers can now transact at any time of the day and from anywhere in Malawi.

“The partnership provides convenience to TNM Mpamba Ltd customers by enabling them to experience and enjoy both worlds of mobile and digital banking. This partnership establishes a channel extension for TNM Mpamba,” said Mphatso

Mphatso said this collaboration confirms Mpamba as the innovation leader in digital financial services.

“As a service, Mpamba has gained massive acceptance from our growing customer base since we switched to the new platform earlier last year. This partnership is about two innovative brands working together for the mutual benefit of our shared customers,” he said

For his part, Head of Business Development for Standard Bank, Mr. Ben Wandawanda said the partnership is supported by various electronic channels that Standard Bank has introduced on its 247 digital banking platform.

“We are turning the corner in providing convenience and efficiency to our customers by providing them a platform that allows them to push money to and from their Standard Bank Accounts and Mpamba wallets,” said Wandawanda

Through the new platform, Standard Bank customers will be able to manage their money when making various transactions such as paying their utility bills, purchasing airtime, transferring money or even checking their account balances, said the Head of Business Development.

“The Push to Bank, Push to Mpamba wallet service has been designed to give customers limitless access to financial transactions from the virtual interface of their phones. Easing the overall customer experience and giving access to TNM Mpamba and Standard Bank customers 24 hours a day. Customers will not be limited by the time our bank opens and closes or even outside of normal working hours and during holidays,” he said.

To access the service, customers wishing to push from their Mpamba wallet to Standard Bank account are required to dial *444#, choose 5 (financial services) and follow the subsequent menu prompts. Customers wishing to push from their bank accounts must be registered on Standard Bank’s Mobile platform. They can then dial *247#, enter PIN, select 2 (send money), Select 4 (to mobile wallet), 1 to transfer to own wallet or select 2 to transfer to other wallet, thereafter Select 2 (TNM Mpamba) and follow subsequent menu prompts.

The push to bank, push to wallet service will attract a transaction fee, which is based on the amount being sent. Customers have a defined transaction limit and a set threshold per day depending on the category of their wallet or account.

For agent deposits, the Mpamba agent simply deposits cash at any Standard Bank branch and gets e-value credited to their Mpamba wallet. This e-value can be used to transact with their customers as usual.

SOURCE:MARAVIPOST