Pan-African fintech Mukuru has launched the Mukuru Account & Card in South Africa, expanding beyond its core remittance business by offering customers a full-service banking account integrated with domestic and cross-border payments.
The new product, launched on Wednesday in partnership with Bank Zero, Paymentology and Mastercard, allows customers to receive salaries, make electronic payments, shop online and in-store, access credit facilities and send money across borders through a single account.
Mukuru chief executive Andy Jury said the launch marks a significant step in the fintech’s strategy to build a broader digital banking offering for its existing customer base, which has largely relied on the company’s remittance services over the past two decades.
“For 22 years, we’ve been synonymous with cross-border money transfers, and millions of our customers have trusted us with the money that matters most to them,” Jury said.
“Together with Bank Zero, we can now give them their everyday banking too: getting paid, paying rent, shopping and sending money across borders, all from one account.”
The account enables customers to send electronic funds transfers and real-time payments to any South African bank, receive salaries and other incoming payments, spend up to R150,000 (about $9,130) a month, make purchases, withdraw cash at reduced ATM fees and access exclusive discounts on money transfers across Africa.
The launch builds on Mukuru’s existing footprint in South Africa where about 500,000 customers currently hold a Mukuru prepaid card.
The company said migration from the prepaid card to the new account platform is already underway as customers seek lower fees and additional functionality.
Mukuru serves more than 17 million customers across Africa and has developed an extensive distribution network comprising about 320,000 service points and cash-in/cash-out locations, enabling customers to move between cash and digital financial services.
The South African launch follows the introduction of the Mukuru Wallet & Card in Botswana and further expands the company’s regulated financial services footprint across the region.
Mukuru also holds e-money licences in Botswana, Zambia and Malawi, as well as a deposit-taking microfinance licence in Zimbabwe.
JN/APA