MHURA—It will improve the investing and saving culture
Old Mutual Unit Trust and TNM Mpamba on Tuesday relaunched MpambaFesa service with an aim of spearheading an improvement in investment and savings culture among Malawians.
The service, through which people can invest money in the trust using the mobile money service, started in 2016 but took a partial break a year later. It resumed last year.
Old Mutual Unit Trust Managing Director, James Mhura, said people are afraid of investing because the money market fund mostly requires huge sums of capital investment.
“We believe that there are various aspects that determine the investment culture in a society and one of them is the availability of meaningful investment platforms. Therefore, Fesa provides that channel because it is convenient and the amounts involved are small,” Mhura said.
TNM Mpamba General Manager, Chikhulupiliro Mphatso, said the service is an enabler for people to start investing small.
“One can start saving with as low as K1, 000 and we have also taken away the bureaucracy of completing forms. It is also convenient because you can transact right at your fingertips any time of the day and information is readily available,” Mphatso said.
The relaunched programme has features where a TNM Mpamba subscriber can invest, check balance and mini statement using their phones at their convenient place and time.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.