In a bid to enhance customer experience and make mobile money services more accessible, Telecommunications Network Malawi Limited (TNM) has officially announced a substantial reduction in the Mpamba Person-to-Person (P2P) transaction fees. The adjustments, which come into effect from December 29, 2023, are expected to benefit users across various transaction bands. The press statement issued by TNM emphasized the company's commitment to continually improve its services to meet the evolving needs of its customer base. The reduction in fees is part of TNM's ongoing efforts to provide the best possible mobile money experience for its users. "We understand the vital role that Mpamba P2P transactions play in the lives of our customers, their families, the community, and the country at large. This adjustment has been carefully considered to ensure that everyone is able to send money conveniently and securely at more affordable rates on Mpamba," stated the press release. Effective December 29, 2023, the Mpamba P2P fees applicable to transaction bands ranging from K50 to K30,000 have been reduced by up to 53%. This move is expected to make mobile money transactions more economical for TNM customers, facilitating seamless financial transactions within the Mpamba platform. For instance, in the band of K501 to K1,000, the old P2P fee was K20, and now it's reduced to K10. The announcement was met with positive reactions from the public, with customers expressing their appreciation for TNM's efforts to make mobile money services more affordable. TNM urged its customers to take advantage of the reduced P2P fees and experience the enhanced affordability and convenience offered by the Mpamba platform. As the telecommunication company continues to invest in improving its services, the recent reduction in Mpamba P2P transaction fees reflects TNM's dedication to creating a positive and inclusive financial ecosystem for its customers in Malawi. The financial landscape of Malawi is marked by significant levels of financial exclusion, where approximately 60% of adults lack access to formal financial services, and only about 14 % of adults actively utilize formal financial services, as reported by the RBM/UNCDF 2020 Survey.