Old Mutual Unit Trust Company (Malawi) Limited (OMUT) has launched a digital savings platform called Phuka Digital Savings in partnership with Airtel Money, on 25 October 2023 in Blantyre.
Old Mutual Investments Group (OMIG), Managing Director Mark Mikwamba stated that Phuka Digital Savings is a user-friendly digital channel that will allow customers to effortlessly save money using their mobile phones.
According to Mikwamba, the channel, accessible through a simple USSD code, will ensure convenience and immediate access to the OMUT Interest Bearing Assets Fund.
Mikwamba said, “One of the standout features of Phuka Digital Savings is its affordability, enabling customers to invest a minimum of MK5,000. Users can set savings goals, aligning their financial objectives with personalized targets. With attractive interest rates, Phuka will provide an appealing option for individuals seeking to grow their savings with ease.
The channel will be accessible via USSD code *211#, accessible on Airtel numbers, then selecting option 5 financial services, thereafter option 2 Phuka where customers will follow a step-by-step prompt to register as a Phuka client”
Chatsika further said that through this innovative distribution channel, OMUT aims to extend its reach to a broader customer base, making it accessible to anyone with a mobile phone.
“The collaboration with Airtel Money is a strategic move that will enable Phuka to penetrate previously underserved areas, particularly rural regions where formal financial services remain limited. Leveraging Airtel Money’s extensive mobile network and customer base, Phuka is poised to reach millions of potential customers, empowering them to save and enhance their financial well-being,” she said.
According to Airtel Money acting Managing Director, Virginia Jere, Phuka has been tailored to offer Airtel Money customers more benefits as it will increase their financial income through earning more than what they could have if they kept the same money in cash.
“Our robust Airtel Money network of over 4.5 million customers, 1,300 branches and 118,000 agents offer a great opportunity for investment institutions such as Old Mutual to expand their reach with products such as Phuka that are created with the customer’s future investment prospects in mind,” she explained.
