Mukuru Expands Across Africa with New Digital Wallet for Financial Inclusion
The Mukuru Wallet allows users to save, transfer, and receive money, as well as pay for services like airtime and bills directly from their phones.
Based in South Africa, the fintech company Mukuru is on a mission to expand its presence across Africa with its innovative financial solutions, most notably its new digital wallet. The company, known for its orange branding, is focusing on expanding its financial inclusion efforts across the continent.
The Mukuru Wallet allows users to save, transfer, and receive money, as well as pay for services like airtime and bills directly from their phones. The service is currently available in several African countries, including South Africa, Zimbabwe, Malawi, Botswana, and Zambia. According to Juan Seco, Mukuru’s chief growth officer, the digital wallet aims to bridge the gap between cash-based consumers and the digital economy by enabling them to store, send, and spend money digitally.
Seco highlighted the significance of the South African market due to its large migrant and unbanked population, which presents a key opportunity for fintech solutions. He also shared that the adoption of the Mukuru Wallet in the Southern Africa Development Community (SADC) region has been very positive, as it brings greater convenience to customers who previously had to collect cash remittances in person. The wallet allows them to manage their money digitally without having to travel.
Looking ahead, Seco believes the future of fintech in Africa will see a convergence of financial technology and traditional banking. He noted that emerging technologies will simplify the process of bringing new products to market. Seco also addressed the regulatory landscape, stating that Mukuru, with its extensive experience, views innovation and regulation as working together. The company’s strategy is to build strong relationships with regulators by demonstrating a commitment to compliance.
