Mukuru launches everyday transactional account in South Africa

Mukuru (www.Mukuru.com), the Pan-African fintech trusted by more than 17 million customers, has launched the Mukuru Account & Card in South Africa. The product is offered in partnership with Bank Zero, the licensed sponsor bank, and is enabled by Paymentology and Mastercard.

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.

With the new Mukuru Account & Card, customers can:

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 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.”

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.”

The Mukuru Account & Card is now available at Mukuru branches, participating partner locations and customer service offices, and through roaming customer field ambassadors across South Africa. Customers can also sign up via the Mukuru app and on WhatsApp. To find the nearest location, visit https://apo-opa.co/4xWCDdJ

The South African launch follows 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.