MTN together with an investment firm Hobbiton have launched a mobile based digital investment fund called PAtumba. MTN PAtumba is meant for the Zambian people who can invest any amount from as low as K1 to K20,000. This can happen for a single transaction on MTN Mobile Money.
This is a digital financial investment meant to cover the Zambian people and look to investment amidst the difficult prevailing countries’ economy challenges. Investors can only withdraw their investment after 91 days and the returns will be as close as possible to the prevailing 90 day Treasury Bill rate.
If you are eager to see the MTN PAtumba platform ability you can quickly register if you are already a MoMo subscriber. MTN Patumba Investment fund can be accessed on MTN Mobile Money Platform by dialling *303# and selecting option 6 and then option 4.
(For immediate release)
Issued on: 18th August 2018
Hobbiton, MTN launch Zambia’s first ever mobile based digital Investment Fund
Lusaka- Mobile financial services provider MTN Mobile Money and Hobbiton Investment Management, an investment fund manager have partnered to launch Patumba; Zambia’s first ever mobile based digital investment fund.
Patumba is a product that will enable members of the public invest in the fund and draw their investments using the MTN Mobile Money platform on their phone, anytime, anywhere.
Hobbiton Investment Management Chairman, Mr. Mwangala Mwiya said “Patumba is the first of its kind in Zambia whose objective is to accord every individual, including the low-income earners or financially excluded segment of our society, a chance to access investment services directly from their mobile phone”.
He further said Patumba is revolutionary and will change the way people view investments in Zambia owing to its affordability and ease of access.
“Our target market covers low income earners with irregular and unpredictable cash flows, the population that is often widely spread out in high density areas and remote locations with poor access to traditional financial services. Patumba provides a convenient platform without the costs and overheads associated with conventional investment funds,” said Mr. Mwiya.
He said Patumba is open to all members of the public who can invest any amount from as low as K1 to K15,000 for a single transaction on MTN Mobile Money.
Investors can only withdraw their investment after 91 days and the returns will be as close as possible to the prevailing 90 day Treasury Bill rate.
MTN Zambia has reiterated its partnerships drive, where organisations who share their customer centric approach of being on the side of the customer will be invited to the table to provide solutions for the benefit of Zambians. MTN Chief Executive Officer, Charles Molapisi said MTN Mobile Money has continued to make people’s lives better through innovative products and services.
“As a brand, we are always on the side of the customer. MTN will not tire in bringing new innovations on the market as Zambia’s number 1 network. Our focus is on the customer and our role is to ensure we roll out products and services that both change our customer’s lives and bring convenience. We are proud to be hosting Patumba as it gives so many economic benefits at individual and national level. One of our objectives is to promote financial inclusion and Patumba will certainly bridge the financial divide in Zambia,” he said
Mr. Molapisi added that Patumba will break the barrier that makes investment look like a preserve of the wealthy as it is an easy to access mass market product. He identified the barriers as cost, availability, accessibility and lack of sensitisation.
Patumba Investment fund can be accessed on MTN Mobile Money Platform by dialling *303# and selecting option 6 and then option 4.
Patumba is managed by Hobbiton Investment Management and is regulated by the Securities and Exchange Commission (SEC).
Jointly issued by
Hobbiton Unit Investment Management and MTN Mobile Money
For details contact
Hobbiton Investment Management:
Phone: +260 966 222 488 / +260 211 232 877