Telekom Networks Malawi subsidiary Mpamba to becomes an independent firm

MALAWI – Telekom Networks Malawi (TNM), the leading mobile operator has positioned its mobile money division Mpamba as an independent company

Chikhulupilito Mpatso has been appointed to head up the Mpamba as the General Manager. He was previously the head of TNM Plc’s mobile money division before it evolved into an autonomous company with its own board of directors.

The new General Manager said Mpamba will remain a key player in TNM Plc’s quest to deepen financial inclusion and application of mobile financial technology in the daily business and lives of Malawians.

“We will continue to provide financial liberty to our customers using the TNM Mpamba mobile money platform that enhances financial inclusion which mostly is geared towards the unbanked and underbanked,” said Mphatso.

Mphatso assured Mpamba customers that the company will continue improving mobile money services, which contributed to about 4.3 percent of TNM’s total revenues in 2018.

“The fourth industrial revolution is changing the business landscape where businesses are required to adapt to remain valid. As a company, we will keep pushing the boundaries of innovation to enable customers transact on the trusted, secured and convenient Mpamba platform,” he said.

Mpamba board chairman Michiel Buitelaar said the development underscores TNM’s long-term ambition to leverage the growth of mobile money and its ambition to become more than just a telecom service provider.

“The birth of TNM Mpamba Limited will fully exploit the benefits of the big synergies between TNM and the mobile money business, underscoring our vision of becoming more than just a telco. Our strategy seeks to enable mobile phones to become financial outlets,” said Buitelaar.

Mpatso said he will remain a key player in TNM’s quest to deepen financial inclusion and application of mobile money technology. “As a company, we will keep pushing the boundaries of innovation to enable customers transact on the Mpamba platform.”

In its May 2019 National Payment System first quarter report, the Reserve Bank of Malawi stated that the country had 6.5 million mobile money subscribers.

TNM Plc has retained 100 percent ownership in TNM Mpamba Limited. The change follows regulatory requirements and does not affect the provision of service, which will continue under the same network platform, and infrastructure.

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