The partnership is a continued quest by both TNM Plc through its mobile money service and FDH Bank through its array of digital products to aim at providing convenience to all Malawians.
The partnership provides TNM and FDH customers a two-way convenience of pushing money from either side using Mpamba Wallet and FDH bank account.
Announcing the partnership, TNM Plc Head of Marketing, Sobhuza Ngwenya and FDH Financial Holdings Head of Marketing Levi Nkunika said the partnership demonstrates TNM’s and FDH Bank’s commitment in bringing convenience to their customers and taking financial inclusion to a different level.
“This is the latest in the series of innovations by both our institutions aimed at applying mobile money technology as a catalyst for economic development through financial inclusion. We have linked up our mobile platforms in order for customers of the two institutions to enjoy seamless transactions,” said Ngwenya.
Ngwenya said with this partnership, Mpamba customers have an exciting opportunity to transact anytime even during odd hours and without necessarily visiting the bank branches.
“Our TNM Mpamba service makes digital transactions a reality for Malawians. Integration with banks started in 2017, and this is one further step on that journey with the goal of providing convenience for our shared customers while enhancing financial inclusion,” said Ngwenya.
On his part, Nkunika said the partnership fulfils the FDH Bank’s financial inclusion agenda of bringing banking closer to the people.
“The service has been operational since February, 2018 and as a leading digital and financial inclusive bank, FDH strongly believes in developing partnerships that enable both our customers and non-customers to take advantage of the technological advancement we have made through provision of various digital platforms that allow people to do transactions around the clock. This partnership with TNM Mpamba is a testimony to that fact, and we are positive this will create excitement among our mutual customers,” said Nkunika.
To access the service, customers wishing to push money from their Mpamba wallets are required to dial *444#, choose 5 (financial services) and follow the proceeding menu prompts. Customers wishing to push from their bank accounts must be registered on FDH Mobile platform. Then they can dial *525#, select 1 (Mobile Banking), Enter PIN, Select Transfers, Select 6 (to Mpamba).
The service will attract a minimal transaction fee depending on the amount being moved. Customers can push up to a set limit per transaction and a set threshold per day depending on the strength of their wallet or account. The threshold will be published regularly.