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.
Through WorldRemit, Malawians can now receive those remittances directly on their phones, at any time of day or night, without needing to wait in line or worry about carrying a lot of cash. It’s a dramatic shift in the way remittances are received around the world. Partnering with 34 services in 26 countries, reports show that over half of WorldRemit’s money transfers to Africa are now received on Mobile Money accounts. WorldRemit customers send 450,000 transfers every month.