Mukuru Unveils Everyday Banking in South Africa

Mukuru (www.Mukuru.com), has launched the Mukuru Account & Card in South Africa.

The new proposition builds on Mukuru’s established remittance and card foundation, giving 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 existing Mukuru customers, it means being able to receive their salaries, make local payments, shop and send money across borders without having to rely on multiple financial services providers.

The account launches with an existing customer base. Around 500 000 Mukuru customers hold a Mukuru prepaid card today, and migration to the new Account, for more functionality and lower fees, is already gathering momentum.

“This launch is a key milestone in our remittance-led neobank strategy,” said Andy Jury, Mukuru CEO.

“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.”

A bridge between cash and everyday banking

Mukuru has built its business on understanding how customers across Africa earn, move and use their money. In South Africa, that includes people who support family members in another province or country and who move between cash and digital payments every day.

The new Account & Card build on Mukuru’s established and proprietary distribution network (with 320 000 physical locations offering Mukuru services or cash-in/cash-out points) and digital channels, enabling customers to move between cash and digital financial services in ways that suit their individual needs.

“At Mukuru, we always talk about meeting our customers where they are,” said Juan Seco, Chief Growth Officer at Mukuru. “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.”