Telekom Networks Malawi (TNM) has positioned its mobile money division Mpamba as an independent company and has appointed Chikhulupilito Mpatso to head up the venture as general manager.

Mpamba board chairman Michiel Buitelaar said the development underscores TNM's long-term ambition to leverage the growth of mobile money and its ambition to become more than just a telecom service provider.

"The birth of TNM Mpamba Limited will fully exploit the benefits of the big synergies between TNM and the mobile money business, underscoring our vision of becoming more than just a telco. Our strategy seeks to enable mobile phones to become financial outlets," said Buitelaar.

Mpatso said he will remain a key player in TNM's quest to deepen financial inclusion and application of mobile money technology. "As a company, we will keep pushing the boundaries of innovation to enable customers transact on the Mpamba platform."

According to the company's 2018 financial report, year-on-year, Mpamba revenue contribution grew by 54% from MWK 2.4-billion in 2017 to MWK 3.7-billion in 2018.

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