Telekom Networks Malawi Positions Mobile Money Division As Independent Firm

Telekom Networks Malawi (TNM) has confirmed that it has positioned its mobile money division Mpamba as an independent entity and has appointed Chikhulupilito Mpatso to lead the venture as General Manager.

The Board Chairman of Mpamba Michiel Buitelaar said that the development brings to the forefront TNM’s long-term ambition to use the growth of mobile money and its goal to transform into something more than just a telecom service provider.

Buitelaar said that the birth of TNM Mpamba Limited would fully exploit the benefits of the significant synergies between the mobile money business and TNM, underscoring the company’s vision of becoming more than just a telco. He added that TNM’s strategy would enable mobile phones to become financial outlets.

Mpatso revealed that he would remain a key player in TNM’s quest to broaden financial inclusion and the application of mobile money technology. He said that as a company, TNM would keep pushing the boundaries of innovation to allow customers to transact on the Mpamba platform.

According to the TNM’s 2018 financial report, year-on-year, revenue contribution from Mpamba grew by 54% between 2017 and 2018.

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


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