Blantyre April 28,2020- In its quest to enhance financial inclusion in the country and to provide much needed accessible financial services in response to the COVID 19 Pandemic, TNM Mpamba Limited has partnered with FINCA Malawi to provide a much more convenient and easily accessible savings and loans product dubbed Mpamba Pasavute.

Mpamba Pasavute is a mobile money product that allows customers to save money with FINCA using their mobile phones and acquire a microloan based on their scoring.

Speaking during a joint launch of the service, TNM Mpamba Limited General Manager Chikhulupiliro Mphatso said the financial technology innovation will expand the banking industry.

“This service will be offering a savings and loans product that will use the customers Mpamba transaction history, airtime and data usage to determine their credit worthiness. The fintech innovation will therefore enhance financial inclusion in the country,” said Mphatso.

Mphatso said TNM Mpamba Limited will continue to innovate to make Mpamba the preferred financial service provider.

“Since we started person to person money transfer to fill the gap in the financial services ecosystem of Malawi, Mpamba has been evolving through partnerships with other financial institutions. The integration with FINCA enables TNM Mpamba to offer savings and loans thereby making the platform convenient for our shared customers,” he said. In October 2018, TNM Mpamba Limited partnered FINCA Limited to enable customers to push and pullmoney from both sides. This provided freedom and power of transaction to customers.

“We are excited to see the partnership growing further to provide savings and credit facilities,” said Mphatso.

FINCA Malawi Head of Mobile and Digital Business, Daniel Makata said Mpamba Pasavute is designed to offer a holis- tic and easily accessible savings and loan product to both FINCA and non FINCA customers within the comfort of their homes. Amidst the gnarling threat of COVID 19 pandemic the launch of the product offers customers an easy way to save as well as get a loan. “At FINCA we strive to improve the social economic status of Micro, Small and Medium-size Enterprises (MSMEs). This mobile money product underscores our continued efforts to broaden the finance products and services. We believe that through Mpamba Pasavute we will enhance productivity of our customers,” said Makata.

Makata said FINCA is continuously investing in digital technology to support delivery of services and products to improve accessibility across the country.

FINCA Malawi is a licensed Deposit Taking Microfinance Institution that currently serves its customers across 22 branches and a growing agency banking network across Malawi. TNM Mpamba Limited is a digital financial services provider which started its operation in 2013.