Pan-African fintech Mukuru has launched its account and card services in South Africa as it seeks to diversify its offering and expand its footprint across the Southern African Development Community (SADC).
Mukuru has traditionally focused on international remittances and money transfers, particularly serving migrant workers sending money to families across Africa. The company says it now has more than 17 million customers and a significant presence in South Africa’s major cities and townships.
The new Mukuru Account & Card is designed to give customers access to a wider range of everyday banking services through a single account.
For South African customers, the offering includes the ability to receive salaries into a Mukuru account, make local payments, shop and send money across borders directly, without relying on intermediaries.
The company said the new service builds on its established remittance and prepaid card offering.
With the Mukuru Account & Card, customers can:
- Send EFTs and real-time payments to any bank in South Africa through their Mukuru account.
- Receive salaries and other incoming EFT payments.
- Spend up to R150,000 a month.
- Make everyday purchases in-store and online.
- Withdraw cash at reduced ATM fees.
- Access credit facilities.
- Receive exclusive discounts when sending money across Africa.
Mukuru said the account launches with an existing base of 500,000 prepaid card holders, with migration to the new facility already gaining momentum as customers seek greater functionality and lower fees.
The South African launch follows the introduction of the Mukuru Wallet & Card in Botswana and further expands the company’s regulated footprint across the region.
Mukuru holds e-money licences in Botswana, Zambia and Malawi, as well as a deposit-taking microfinance licence in Zimbabwe.
Mukuru CEO Andy Jury said the launch marked a key milestone in the execution of the company’s 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,” Jury said.
Mukuru Chief Growth Officer Juan Seco said the new offering was aimed at expanding access to financial services.
“At Mukuru, we always talk about meeting our customers where they are,” said Seco.
“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,” he said.