TNM Mpamba removes transaction fees and increases daily transfer allowance
TNM Mpamba Limited will be foregoing revenue in excess of K80mil/month for the next 10 weeks to help stem the spread of Coronavirus (Covid-19) and ensure smooth running of the Malawian economy.
Mpamba has completely removed transaction fees applicable for some services, this development comes following a Reserve Bank of Malawi (RBM) meeting with Mobile Money Operators, SACCOs and Microfinance institutions.
All person-to-person transfers within the Mpamba Network will be free for the next 10 weeks and also applies to transfers going to other Mobile Money Operators via the National Switch.
This development will empower customers to transact electronically and reduce physical exchanges of cash helping prevent the spread of the virus.
TNM Mpamba has implemented several other measures beyond the RBM recommendations by totally scrapping the fees and will instead be paying K20 to Natswitch from other revenue lines for every transfer that a Mpamba customer makes.
For individuals the maximum daily transaction limit is now K1.5 mil up from K750,000. While a personal account can now hold up to K2 million. TNM Mpamba is also providing merchant wallets, for customers to make payments to retailers without being charged fees.
Other TNM measures in the Covid-19 fight include provision of free internet access for public schools (e-learning), provision of connectivity for Virtual Doctors and an on-going SMS awareness campaign on Coronavirus preventative measures.