TNM Mpamba and Mastercard partner to transform Malawi’s payment landscape

TNM Mpamba is the first mobile money provider in Malawi to launch a Mastercard virtual payment solution powered by National Bank, enabling its mobile money customers to make safe and seamless international e-commerce payments on the Mastercard network.

In a country-first for Malawi, mobile money service provider TNM Mpamba today launched a Mastercard virtual payment solution that will enable TNM Mpamba mobile money wallet customers to make safe and seamless local and international e-commerce transactions. This is expected to enhance financial inclusion and improve access to the digital economy.

Through a Mastercard virtual (non-plastic) payment solution linked to the TNM Mpamba mobile money wallet, customers will be able to make payments to local and global online brands and merchants, expanding their reach to an international marketplace.

This means e-commerce transactions can be done instantly through mobile wallets for a wide variety of transactions that require card payments including subscription streaming on Netflix, advertising on Facebook, online shopping on Amazon, as well as travel and bill payments. To pay for purchases using the virtual payment solution, Mpamba customers will receive a 16-digit card number, security code, and expiry date, which they will use to complete an online purchase much like they would with a physical card.

The payment solution also features multiple layers of security to ensure that the customer’s financial data is always secure and private.

TNM Mpamba General Manager Christopher Sukasuka said: “We are excited to partner with Mastercard to provide more people with access to financial services and tools that will simplify their lives. The new solution functions like a debit card that can be used for all types of e-commerce payments. When you combine the wide agent network of TNM Mpamba with the robust network of Mastercard within Malawi and globally, you get an unrivalled service network.”

Following double-digit growth in 2020, GSMA’s latest data reports over half a billion mobile money accounts in Africa – close to half of the global total. Customers are using their accounts for new and more advanced use cases – including m-commerce – suggesting that more people are moving away from the margins of financial systems and leading increasingly digital lives.

Research has also shown that access to digital financial services and mobile money platforms has allowed previously unbanked Malawians and other Africans to grow their micro-enterprises and businesses.

Amnah Ajmal, Executive Vice President Market Development, Mastercard, MEA, said: “At Mastercard, our innovation strategy is based on partnerships and collaboration. Being able to connect more Malawians to more choices in digital financial services, ultimately means a digital economy that works for more people. We are pleased to advance our digital partnerships strategy in MEA with TNM Mpamba as we continue the road to digital transformation and shared prosperity for all to unlock the true potential of inclusive growth across the continent.”

To boost financial literacy, TNM Mpamba and Mastercard have also collaborated with the National Bank of Malawi to contextualize and adapt key information for the Malawian market. This will ensure that first-time users of digital payments enjoy a safe and user-friendly payment experience.

TNM Mpamba confirmed a simplified onboarding process when applying for the Virtual Card, with access to the solution costing only MWK 500 for six months. Convenience is a key advantage and customers can easily manage and track finances, as funds are adjusted directly against a customer’s Mpamba wallet with an electronic record of every transaction carried out.