TNM, FMB partnership to enhance financial inclusion
TNM plc, an integrated mobile network and ICT service provider, on Monday partnered FMB plc, one of the country’s banks to enable TNM Mpamba customers withdraw their money from any FMB automated teller machine (ATM).
Through the partnership, which will enhance financial inclusion, Mpamba customers can now transact during odd hours when conventional Mpamba street agents and outlets have retired.
The new service also empowers other non-FMB and TNM customers to access the bank’s digital banking platforms.
Speaking after unveiling the partnership in Blantyre, TNM chief officer for consumer services Daniel Makata said the partnership provides convenience to TNM’s mobile money customers by enabling them to experience and enjoy both worlds of mobile and digital banking.
He said: “The partnership establishes FMB as one of the channels for the cash-out service for TNM mobile money, Mpamba. Through any FMB ATM, Mpamba customers will be able to withdraw money from their Mpamba wallets regardless of whether they are FMB or non-FMB customers.
“The voucher can be redeemed by any customer regardless of whether they are on TNM or not on Mpamba and whether or not they are FMB customers. Anyone can redeem a voucher at the ATM. However, the sender is always a Mpamba user.”
Makata, however, dismissed fears that the new arrangement will phase out TNM Mpamba agents, saying with over 50 percent of Mpamba subscriptions, the company still needs more agents in the business.
FMB head of marketing and communications Sylvia Mataka said the partnership fulfils the bank’s financial inclusion agenda.
“At FMB, we strongly believe in developing partnerships that enable both our customers and non-customers to take advantage of the technological advancements we have made through provision of various platforms that allow people to do transactions around the clock. This partnership with TNM is a testimony to that and we are positive this will create excitement among customers,” he said.
Mataka said the coming in of Mpamba customers to tap into FMB’s network will not strain the bank, as it will use the huge TNM subscriber base to tap from for its platform.
