Mpamba (TNM Mobile Money) is a service in which registered customers will be able to use their mobile phones to access various financial services. Both customers with bank accounts and those without bank accounts can use the service and, among others, can receive their salaries/wages, receive or send funds, cash-out and cash-in money, purchase items, pay bills through their mobile money account.
Mpamba Services' Background
There is a worldwide revolution from cash-based to cashless societies with simplified and advanced payment solutions and TNM intends to embrace this through its mobile money service branded “Mpamba” meaning start-up capital in vernacular.
Malawi has about 80% of an unbanked population. Out of these, a lot of people still want to access financial services. Mpamba will help in bridging this gap by offering financial services wherever TNM mobile network is present.
Where customers have bank accounts, their Mpamba account (also known as a Wallet) can be linked to the regular bank account where they can access it (bank account) remotely.
Mpamba Service offering for Agents and Customers
An Agent is a person or business that is contracted by TNM to facilitate transactions for customers both registered and unregistered.
With Mpamba, TNM customers can convert cash into electronic money (e-value) and vice versa at any Mpamba Agent. Agents will be responsible for accepting customer deposits (cash-ins) and customer payments (cash-outs).
Agents will also be able to register new Mpamba users.
Advantages of TNM Mpamba
- Safety - It is safer to transfer funds through mobile money than carrying physical cash
- Convenience – Make payments anywhere, anytime
- Cost effectiveness and Time saving - Cut travel costs to make payments or execute bank transactions
- Efficiency and Reliability – Make real time transactions at less cost
- Innovative – Have an enhanced profile by being part of the innovative users