MotoMoney mobile app launched to simplify money transfers from UK and Europe

Malawians living and working in the United Kingdom and Europe will now be able to send money to their parents and relatives back home right in the comfort of their homes and offices following the launch of a mobile money service – MotoMoney.

MotoMoney is an easy and cheap way to send money via mobile money service, and it is not surprising that Malawians, who have been frustrated and let down by high fees and complex transfer processes required by larger services and the risks associated with the unofficial black market, have received the app with excitement and enthusiasm.

Moto Money Managing Director Shazin Tayub

MotoMoney founder Shazin Tayub told Nyasa Times on Monday that MotoMoney users simply need to complete a quick once-off registration and verification process requiring a valid form of identification to set up a new bank account, which they can use to transfer funds to beneficiaries in Malawi instantly.

According to Tayub, funds are available for collection immediately from over 80 Victoria Forex Bureau branches across Malawi.

“We knew that Malawians living abroad were really struggling to send money to their loved ones at home. The procedures were complex and confusing and high transaction fees really cut a chunk out of the funds their families ultimately received,” he said.

Tayub emphasized that times had come for Malawians to access and enjoy money transfer service that not only catered specifically for the needs of Malawians, but also took an interest in developing and bringing the Malawian community in UK and Europe together to support the development of our country.

“When our users flourish, our business flourishes,” he said.

Tayub was raised in in Malawi and emigrated to the UK with his family at the age of 11.

His parents regularly sent money home to support the education of children in poorer communities and were disappointed that up to 20 percent of their funds were deducted for transaction fees.

Inspired by the desire to ensure that as much of this money ended up in the hands of those who really needed it, Tayub sought to create a simpler and cheaper transfer service.

An app-based service means that MotoMoney does not need to charge any transaction fees and the exchange rates are benchmarked against t the Reserve Bank of Malawi exchange rates.

Shazim Tayub (C) with Malawi President Chakwera and MAUK Chairman Hannington Gondwe in London

“We are thrilled to be able to bring this service to Malawian communities across the UK and Europe and we look forward to being of service to the hard working people who deserve the very best in financial services.”

According to Shelley Finch, users can download the MotoMoney app from the Apple App Store or Google Play here:

Finch added that MotoMoney users also receive a connected Mastercard Debit Card upon sign up which they are able to use for online or in-store purchases.

The MotoMoney Electronic Money Account is operated by AF Payments Limited, which is Authorised by the Financial Conduct Authority as an Authorised Electronic Money Institution (FRN 900440).

It is also registered in England and Wales with Company Number 09356276 and its registered Office address is: 33 Lowndes Street, Knightsbridge, London SW1X 9HX, England.

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