WorldRemit launches in Malawi through new partnership with Malawi Posts Corporation
WorldRemit customers in over 50 countries can now send instant money transfers to new convenient cash pickup locations in all 28 districts of Malawi
Lilongwe and London, 1 December 2018: WorldRemit has launched its leading digital money transfer service in Malawi, partnering with Malawi Posts Corporation for instant, secure and low-cost money transfers.
The 290,000-strong Malawian diaspora can now make instant money transfers to new cash pickup locations across rural and urban regions of the country using the WorldRemit app or website.
To find your nearest cash pickup location in Malawi, click here.
Malawi Posts has an extensive network of 180 post offices throughout the country, where it offers its customers a variety of convenient and secure financial services.
Remittances play an important role in Malawi’s economy. According to the World Bank, the country received over $40 million in remittances in 2017, accounting for over 6% of its GDP.
However, according to a report by the Finmark Trust, the majority of remittances to the country are sent through informal, unregulated channels, which increases the cost and inconvenience of sending money. According to the World Bank, Sub-Saharan Africa remains the most expensive region to send money to, with an average cost of 9.4 percent.
Andrew Stewart, Managing Director of Middle East and Africa at WorldRemit, comments: “We are delighted to expand our secure digital remittance service to Malawi with the launch of our partnership with Malawi Posts.
“According to the World Bank, over 80% of the Malawian population live in rural areas. Our new partnership offers recipients a variety of convenient cash pickup locations across the country, and our digital model drives down the cost of remittances as senders do not have to visit a traditional offline money agent.”
Henry Shamu, Postmaster General of Malawi Post Corporation, remarked: “We are excited to enter into this partnership with WorldRemit, which will go a long way towards connecting our diaspora to home”.
As part of its plan to serve 10 million customers connected to emerging markets by 2020, WorldRemit recently also launched the following services to enable fast and convenient money transfers to Malawi:
- Bank transfers to all major banks
- 16 additional cash pickup locations at Victoria Forex Bureau branches