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Wealthnet Finance Public Limited Company is a local finance company that was established to profitably support Malawians build wealth and be financially free and self-reliant. The company believes that real freedom begins when individuals are financially self-reliant. Financial freedom comes with peace of mind which is a key ingredient to productivity, creativity, innovation and national development at large. In short, the company was created to provide meaningful value to all its stakeholders, which include shareholders, members of staff, customers, suppliers, renders etc.
The company started its operation as a micro-credit agency in March of 2016, and it was converted into a public limited company in November 2018. On 5 May 2020, the company was granted a Deposit Taking Licence by the Reserve Bank of Malawi (RBM) to operate as a deposit taking microfinance institution (Microfinance Bank). Wealthnet is a technologically driven finance company which offers innovative and unique financial products/services. The company’s main product categories are (1) Money transfer/payment solutions, (2) Wealth Creating Group Savings and Loans and (3) Normal Bank Savings and Loan Products. These are the three product categories that give the company a competitive edge on the Malawian market.
As part of its growth strategy, the company has been converted from a private to a public company as one way of raising capital to finance its strategic medium and long term growth. In the last phase, the company will be converted into a full commercial bank and list on Malawi Stock Exchange within 10 years (before 2030).
To be a world-class financial service provider in wealth creation for improved standards of living for the general population, while giving high returns
To be a trusted financial services provider with passion to support our customers and stakeholders create wealth, be financially free and self-reliant.
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 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.
