Mukuru Launches Account and Card to Expand Digital Banking Services in South Africa
The new account combines everyday banking services with Mukuru’s existing remittance offering, allowing customers to receive salaries, make local payments, shop and send money across borders through a single account.
Mukuru has launched the Mukuru Account & Card in South Africa, expanding its financial services beyond remittances and prepaid cards. The product is offered in partnership with Bank Zero, the licensed sponsor bank, and is enabled by Paymentology and Mastercard.
The new account combines everyday banking services with Mukuru’s existing remittance offering, allowing customers to receive salaries, make local payments, shop and send money across borders through a single account.
Customers can use the Mukuru Account to send electronic funds transfers (EFTs) and real-time payments to any bank in South Africa, receive salaries and other incoming EFT payments, spend up to R150,000 per month, make purchases online and in stores, and withdraw cash at reduced ATM fees. The account also provides access to credit facilities and exclusive discounts on money transfers across Africa.
The product launches with an existing customer base, with around 500,000 Mukuru customers currently holding a prepaid card. Mukuru said migration to the new Account, which offers additional functionality and lower fees, is already gaining momentum.
“This launch is a key milestone in our remittance-led neobank strategy. 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, the money they send to family. Over time we have introduced a range of complementary products and services and now, together with Bank Zero, we can give them their everyday banking too: getting paid, paying rent, shopping and sending money across borders, all from one account.”
– Andy Jury, CEO, Mukuru
Mukuru said the Account & Card builds on its distribution network of 320,000 physical locations offering Mukuru services or cash-in/cash-out points, alongside its digital channels.
The company said the network is designed to help customers move between cash and digital financial services based on their individual needs, particularly in South Africa where customers may regularly send money to family members in other provinces or countries.
“At Mukuru, we always talk about meeting our customers where they are. Just because someone transacts in cash should not mean they have access to fewer financial services. The strength of the Account & Card is that it bridges that gap and can grow with the customer, leveraging the reach of our physical and digital networks.”
– Juan Seco, Chief Growth Officer, Mukuru
The Mukuru Account & Card is available through Mukuru branches, participating partner locations, customer service offices and roaming customer field ambassadors across South Africa. Customers can also register through the Mukuru app and WhatsApp.
The South African launch follows Mukuru’s recent launch of the Mukuru Wallet & Card in Botswana. The company said its regulated presence in the region also includes e-money licences in Botswana, Zambia and Malawi, as well as a deposit-taking microfinance licence in Zimbabwe.
