Old Mutual’s Mark Mikwamba launches Phuka Digital Savings platform.

Old Mutual (Malawi), a financial services provider, in partnership with Airtel Malawi, has, this week, launched a digital savings platform, called Phuka Digital Savings.

The launch took place in Malawi’s commercial city of Blantyre, where Mark Mikwamba, MD, Old Mutual Investment Group Malawi, highlighted that the digital channel provides access for customers to savings products, through mobile phones. Customers can access the platform through a simple USSD code.

He also highlighted the platform enables relatively low entry point for customers to start saving.

“One of the standout features of Phuka Digital Savings is its affordability, enabling customers to invest a minimum of MWK5,000. Users can set savings goals, aligning their financial objectives with personalised targets,” said Mikwamba.

In her remarks, Airtel Money’s acting MD, Virginia Jere said this will help Airtel Money customers to increase financial incomes through earning interest on savings.

She said that Airtel Money was able to offer partners, such as Old Mutual, access to customer base of over 4.5 million, combined with its branch network of 1,300 and workforce of 118,000 agents.

This is a “great opportunity for investment institutions such as Old Mutal to expand their reach with products, such as Phuka, that are created with the customer’s future investment prospects in mind,” Jere said.