A Fintech first for Malawi
Mobile money platform TNM Mpamba, run by mobile operator TNM Malawi, now enables virtual local and international e-commerce transactions after announcing a partnership with MasterCard in a Fintech first for the country.
The virtual payments solution – which is different from plastic card payments – is facilitated through an interlinked payments platform, an integration of MasterCard and the mobile money platform.
It enables payments to local and global online brands and merchants, the two companies confirmed on Tuesday.
Among the payments enabled on the new platform are subscriptions for Netflix as well as advertising on Facebook, online shopping on Amazon and travel and bill payments.
The platform generates a code on the mobile money platform which users can then use to settle domestic and international payments for supported e-commerce brands online.
“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,” said TNM Mpamba general manager, Christopher Sukasuka.
Mobile money platforms in Africa have increasingly been adding on new functionalities, expanding from the initial person-to-person money transfers to cross border remittances among others.
Africa’s newest mobile money platform, Telebirr in Ethiopia, is now also interlinking with banks.
MasterCard says its innovation strategy is based on partnerships and collaboration.
“Being able to connect more Malawians to more choice in digital financial services, ultimately means a digital economy that works for more people,” said Amnah Ajmal, executive vice president for market development for Middle East and Africa at MasterCard.
He added: “We are pleased to advance our digital partnerships strategy 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.”