Through the WorldRemit app or website, they can securely send money transfers to any Airtel Money account, the most popular Mobile Money service in the country.
The funds are received on mobile phones, and can be used to pay for electricity and other bills, set up a savings account and access a range of other financial products.
“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,” said Alix Murphy, senior mobile analyst at WorldRemit.
He added, “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.”
Mobile Money is fast gaining traction in Malawi. According to this report, there are now 2.5 million Mobile Money accounts in Malawi, a country with low levels of banking penetration.
By launching this service, WorldRemit is playing its part in increasing international remittances into the country and helping to boost economic growth and livelihoods of the people.