JOHANNESBURG, South Africa, September 30/APO Group: Pan-African fintech Mukuru, having more than 17 million customers, has launched the Mukuru Account & Card in South Africa, where the product is offered in partnership with the licensed sponsor bank, Bank Zero, and is enabled by Paymentology and Mastercard.
The new proposition builds on Mukuru’s established remittance and card foundation, offering customers access to a broader range of everyday financial services through a single account, integrated with the rest of the Mukuru offering in South Africa. For current Mukuru customers, the latest offering implies receiving salaries, making local payments, shop and send money across borders without having to rely on multiple financial services providers.
The new Mukuru Account & Card offers several advantages to customers such as: send EFTs and real-time payments to any bank in South Africa for the first time through their Mukuru Account; receive salaries and other incoming EFT payments faster; spend up to R150 000 a month; make everyday purchases in-store and online and withdraw cash at reduced ATM fees; access credit facilities; get exclusive discounts when sending money across Africa.
The account is being launched with an existing customer base where some 500, 000 hold a Mukuru prepaid card today, and migration to the new Account, with features such as more functionality and lower fees, is already gathering momentum.
“This launch is a key milestone in our remittance-led neobank strategy,” commented the Mukuru CEO, Andy Jury. “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.”
“At Mukuru, we always talk about meeting our customers where they are,” added the Chief Growth Officer at Mukuru, Juan 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.”
The South African comes after the recent launch of the Mukuru Wallet & Card in Botswana. It further expands Mukuru’s regulated footprint across the region, which includes e-money licences in Botswana, Zambia and Malawi, as well as a deposit-taking microfinance licence in Zimbabwe.
