Malawi’s mobile and information and communications technology (ICT) services provider Telekom Networks Malawi (TNM) invested over MWK31.5 billion (USD38.5 million) in infrastructure during the year 2020 as part of its ongoing effort of developing a sustainable business.
This is in line with the company’s vision to be aligned with the global trends in digital transformation, said the telecommunications service provider of the East African country.
TNM Board Chairman George Partridge at the company’s Annual General Meeting (AGM) 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.
He also told the shareholders of the company that in 2020, TNM created wealth amounting to MK53.3 billion. TNM shared MK36.9 billion to our stakeholders, with the greatest portion being MK10.6 billion given to Government through levies and taxes.
George 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 said.