WorldRemit brings mobile transfers to Malawi
Written by Chris Lemmon
Digital money transfer service WorldRemit has introduced overseas remittances to mobile money accounts in Malawi. Users of the WorldRemit app or website will be able to securely send money transfers to any Airtel Money account in the country.
There are now more than 2.5 million mobile money accounts in Malawi – a country with low levels of banking penetration. The new solution means friends and families of people transferring money from abroad no longer need to make long journeys to pick up cash from money transfer agents.
WorldRemit said it is the leading sender of remittances to mobile money accounts, partnering with 34 services in 26 countries. The firm processes a total of 450,000 money transfers every month, with over half of its remittances to Africa now received via mobile money accounts.
Alix Murphy, senior mobile analyst at WorldRemit, commented: “Many Malawians rely on remittances sent by family members working overseas. With only 18 per cent 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.”