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<a href="http://www.mukuru.com" target="_blank" rel="noopener">Mukuru</a>, a leading financial technology company headquartered in South Africa, has launched its new mobile wallet in Malawi. This was announced in a statement by the company seen by Technext. Called the Mukuru Wallet, the wallet is intended to boost international money transfer efficiency and improve financial access in the country. 
This development, according to the company, is in line with its unwavering commitment to Malawi as well as a response to the growing demand for a digital store of value among cash-dependent citizens who have grown to trust it. 
The company said the wallet is designed to address the growing demand for a convenient, secure, and efficient way to manage funds and make money transfers. It also enables customers to seamlessly receive and send funds both locally and internationally, and store, save and earn interest on funds. 
Speaking about the launch, the Malawi Country Manager at Mukuru, Pride Chiwaya, said introducing the wallet was a result of the massive demand for money transfers and the all-important mission of building trust among users. 
“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,” Chiwaya said. 
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He also noted that the company’s mission is to equip these institutions with reliable financial tools using its extensive network. 
<h4 id="mukuru-is-enabling-both-local-and-international-money-transfer" class="wp-block-heading">Mukuru is enabling both local and international money transfer</h4> 
Founded in 2004 by Rob Burrell, Mukuru is a leading next-generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 16 million across Africa, Asia and Europe. 
With over 100 million transactions to date, the company said its core was built to provide international money transfers. From this base, it has developed a set of services to address the broader financial needs of its customers. The company says it now operates in over 60 countries, providing wallets across over 500 remittance corridors. 
As mobile wallets gain popularity across the continent, they prove to be a critical financial tool for underserved and unbanked communities, offering a safe and effective means of accessing financial services. In Malawi, the wallet enables an alternative means of accessing formal banking services in both rural and urban areas. 
The Reserve Bank of Malawi (RBM) National Payment Systems report for the period ended December 2022 showed a 14.1% increase in the number of mobile money subscribers, which stands at 12.2 million, up from 10.7 million in 2021. 
This Mukuru Wallet has been designed specifically for the Malawian market. It comes with two pockets; the first called “Nyanja” is for all domestic money transfer transactions and cash-ins. The second called “Moyo” is for customers to receive their international money transfers. An added benefit for customers includes no fees charged when cashing out from the Moyo pocket. 
Speaking about how the wallet works, the Head of Wallet and Card at Mukuru, Mike Cook, said currently, customers collect international money transfers to pay for their expenses. With the Mukuru Wallet, these funds will be deposited directly into the wallet, providing a seamless and convenient experience. 
“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,” Cook said. 
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In addition to this, Cook pointed out that customers earn interest on the funds in their wallets on a quarterly basis. He added that this is a strong incentive for customers to engage with digital money, further helping them along the financial inclusion journey. 
He further said the launch is an important step in the company’s overall strategy of being a leading payment platform that enables emerging consumers to transition from cash to the digital world. 
“Importantly, it’s a critical component in the business’ drive towards digital transformation in Malawi, which involves modernising financial services, enhancing user experience, and promoting financial inclusion. These efforts collectively contribute to a more digital, efficient, and inclusive financial ecosystem in Malawi, and Mukuru takes pride in being a part of this,” Cook said. 
 The company said it serves clients across physical and digital channels, by various payment methods including cash, card, and wallet. It also does this across a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network. 
See also: <a href="https://technext24.com/2023/11/09/flutterwave-expands-malawi-licence/">Flutterwave expands into Malawi with acquisition of International Money Transfer Licence</a>
The post <a href="https://technext24.com/2024/10/14/mukuru-launches-mobile-wallet-in-malawi/">S/African fintech Mukuru launches mobile wallet in Malawi to boost money transfer</a> first appeared on <a href="https://technext24.com">Technext</a>.

S/African fintech Mukuru launches mobile wallet in Malawi to boost money transfer

Technext.ng

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