Mobile operator, Telekom Networks Malawi (TNM) invested over MK31.5 billion ($39 million) in ICT infrastructure during 2020, as part of its ongoing efforts to streamline its business and align with the global trends in digital transformation.
This was announced by TNM Board Chairman George Partridge at the company’s Annual General Meeting (AGM) who stated that the company will continue to transform its business by pioneering innovations that will transform the telecommunications sector in the country.
“Being pioneers of mobile telecommunications in this country since 1996, we take our role in innovations very seriously. I am glad to be part of this important phase of development in this industry that will contribute immensely to the development of individuals, businesses and the Malawi economy at large,” said Partridge.
Partridge also told the shareholders that through the company’s Corporate Social Responsibility (CSR), TNM has contributed immensely to health, education and vulnerable groups through the traditional donations as well as providing connectivity to these important areas.
“Telekom Networks Malawi has contributed significantly towards the fight against the COVID-19 pandemic in Malawi especially in the education and health sectors. Telekom Networks Malawi provided ICT equipment and connectivity solutions to the education sector to allow for continued access to education when physical teaching and learning was not possible.”
He also noted that the telecoms penetration in Malawi at 48% is still low compared to the regional markets where penetration is greater than 90%.
“The smartphone penetration is also very low but growing at a rate of more than 240% since 2018. We still have over 55% of Malawi’s adult population which does not have access to financial services of any kind.”
“This means that the potential for growth of our business is still enormous. With investments that we are putting in infrastructure development and continuous improvement of our business, we expect successful years ahead,” he concluded.