Instant money transfer service WorldRemit has launched instant overseas remittances to Mobile Money accounts in Malawi allowing users to securely send money transfers to any Airtel Money account in the country as well as pay for goods and services with their phones.
With some 2.5 million Mobile Money accounts, the move will simplify how Malawians in the diaspora will send remittances to their loved ones back home as now friends and family no longer have to make long, expensive journeys to pick up cash from money transfer agents.
In a statement, Alix Murphy, senior mobile analyst at WorldRemit said: “Many Malawians rely on remittances sent by family members working overseas. With only 18% of Malawian adults holding formal bank accounts, the only option for most people was to travel to a money transfer agent to collect cash.