Mukuru, a fintech firm headquartered in South Africa, has launched Mukuru Wallet, its new mobile wallet in Malawi to boost international money transfer and improve financial access in the country.
Mukuru Wallet is touted as a convenient, secure, and efficient way to manage funds and make money transfers both locally and internationally, and store, save and earn interest on funds.
In a statement seen by TechMoran, Malawi Country Manager at Mukuru, Pride Chiwaya, said, “Mukuru is committed to driving financial inclusion, and this wallet, in response to the growing demand for money transfers, builds on the trust we have established through our growing orange booth and branch network. In addition to this, we are becoming a preferred partner for businesses and organisations in Malawi that are increasingly seeking innovative, secure and efficient payment solutions.”
Founded in 2004 by Rob Burrell, Mukuru offers affordable and reliable financial services to over 16 million users across Africa, Asia and Europe and has recorded over 100 million transactions since launch. Mukuru now operates in over 60 countries and provides wallets across over 500 remittance corridors.
The next-generation financial services platform will provide a critical financial tool for underserved and unbanked communities, offer a safe and effective means of accessing financial services and provide an alternative formal banking services in both rural and urban areas. The Mukuru Wallet comes with two pockets;“Nyanja” for all domestic money transfer transactions and cash-ins and “Moyo” fees-free service for international money transfers.
“By providing a safe, secure digital means of storing this money, while enabling them to pay bills directly from the wallet, Malawians will not only benefit from the reduced risk of not having to withdraw large sums of cash, but they can also actively partake into the modern, digital financial economy. Essentially, this is what financial inclusion is – providing people with the platform to be included in the mainstream economy,” said the Head of Wallet and Card at Mukuru, Mike Cook.
Customers earn interest on the funds in their wallets on a quarterly basis and serves clients across physical and digital channels, by various payment methods including cash, card, and wallet. Mukuru Wallet works across platforms such as WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network.