Money transfer/payment solutions

Wealthnet has established a first of its kind online payment solution called KakuPay Smart Money (KSM). The system was developed to innovatively ease money transfer and payment challenges by embracing digital/cashless/electronic money using modern technologies. The uniqueness and innovativeness of KSM is that it seamlessly combines the capabilities of an internet bank account and a mobile money wallet. KakuPay is accessed by dialling *3008# on either Airtel or TNM line. Customers can also access KakuPay by logging in using www.kakupay.com. A typical transaction on KakuPay is completed in just under 12 seconds. The system enables customers to instantly and securely transfer money from one account to the other.

Soon, customers will be able to check-out goods and services from e-commerce websites. The USSD capabilities of the system enables customers without access to internet and those in hard-to-reach rural areas to be able to do financial transactions. The KakuPay merchant account enables customers of big chain-stores, subscription service providers and utility companies to easily make or receive payments using the platform. It also allows high volume transactions within seconds. KakuPay allows high volume bulk payments for both fund transfers and airtime to numerous beneficiaries. In addition, the platform has Village Bank (Banki M’khonde) on USSD platform, that allows group savings especially in rural areas with no access to internet

Wealth Creating Group Savings and Loans

Wealth Creation Business Group (WCBG) is a group of between 7-15 business people, who are passionate about multigenerational wealth creation. They know each other and come from the same economic background. They save their money as a group on a monthly basis, through buying shares called Gold Bars and have access to loans for their businesses from the group savings and at Wealthnet Finance.

The money mobilized through the purchase of Gold Bars, interest earned from loans issued to group members and income generated from penalties for breaking the group’s code of conduct are deposited at Wealthnet Finance. This fund is called Group Investment Fund (GIF) or Loan Fund (LF). It is from this fund that members borrow for their businesses. In short, WCBGs are established in order to bring sustainable financial services to its members and profitably support Malawians build wealth and be financially free and self-reliant. WCBG is also a product that Wealthnet uses to collect deposits from the general public.

Smart Wealth Savings (SWS) & Loans

Account Purpose This is a transactional account that can be used to receive and make payments. A savings account for all persons aiming at accumulating wealth and improving their well being. it is suitable for salaries and walk-in customers. For LOANS there are individual loans, Payroll private sector, Payroll civil service, Invoice discount loan ,asset financing, export financing, Kumanga incremental housing loan, WCBG loan, Individual WCBG emergency loan and Zalowa Salary advance loan