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.
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.