Malawi’s first ever charge card providers, MalCOM Limited, have introduced a new individual-obtained MobiMax Charge card which will enable cardholders purchase items in the United Kingdom (UK) and the United States of America (USA).
MobiMax Charge Card
Francis Kajumo MalCOM
MalCOM Executive Chairman Francis Kajumo said in an interview that apart from the three charge cards they currently issue namely corporate card, employer issued-individual card and medical card, the new high value individual- obtained card will allow cardholders to now access US and UK markets where they can buy additional goods and services for personal and business use of their choice.
He said they are finalizing a catalogue of goods which will be linked to their website where cardholders can use to purchase goods of their choice at very competitive prices.
Kajumo said some of the items in the catalogue will include personal household appliances like; microwaves, cookers, washing machines, smart phones, video camera, flat screens and auto parts
Surveying the current economic situation in Malawi, Kajumo said, MalCOM identified and felt the need to service an existing consumer niche that has not been serviced by the current market platforms.
“The needs of the salaried consumer are not being adequately addressed by the financial sector in a growing economy like Malawi. The means to obtain high value consumer products that serve both as essential items and also hallmarks of personal progress are currently, non-existent,” said the US based Kajumo who is currently on a visit in the country.
“A strong middle class in a rapidly developing economy like Malawi requires increased access to unsecured purchasing power like in developed countries in the West.”
Reserve Bank of Malawi (RBM) has authorized the company to translate the concept into a business venture and MalCOM Limited has already received an endorsement from the Consumer Association of Malawi (CAMA).
“Industrialised countries have established credit rating systems and a plethora of relatively low interest credit cards and products available for a wide range of working class consumers. Malawi is lacking in this type of requisite financial infrastructure,” explained Kajumo.
He said the new individual-obtained card will attract no interest and will have very low standard transaction costs levied at each of the repayable 3-12 months period.
“The card can be obtained by any salaried worker from an established institution with at least a 12 month history of employment and satisfy eligibility requirements that include verification from their employer regarding their net earnings and thus purchasing potential,” said Kajumo.
“MalCOM expects to enable every working class Malawian to fulfill their dream lifestyle with access to goods and services, cash withdrawals and value added services without abusive interest rates. The future for a financially inclusive, dignified, secure, convenient cashless spending is now firmly in Malawi,” added Kajumo.
Recently MobiMax Charge Card was nominated for the Citi Mobile Challenge 2015 for Europe, Middle East and Africa (Emea).
Kajumo is a graduate of the University of Malawi and is based in Washington DC., where he works as a biomedical research scientist.