DSE News Network
Boksburg: Next-generation financial services platform – Mukuru Money Transfer – is pushing ahead with business-to-business activations throughout South Africa, taking the fintech company deep into the remote areas of South Africa.
Speaking at the DreamCatchers Tax and Compliance breakfast in Boksburg this week, Mukuru Business-To-Business Manager Fadzi Mukayi told the Sunday Express that the company -which has over 17-million customers in 50 countries – had identified a growing need for their services – in the most remote corners of the country.
“We are talking about the average farmworker in areas like North West, in Mpumalanga and Limpopo, where towns are far apart from each other in distances, and many people do not have access to financial services.
“In some places people are still being paid through an envelope. So instead of your employer paying you with an envelope, we are saying, why don’t you open an account with Mukuru, and pay your workers through the Mukuru card.”
This formed part of the broader thrust to take financial products to underserved segments, including women, youth, people with disabilities, and rural communities.
“This is the best thing that has ever happened to the people who are living far away from the malls, because customers can use their card to transfer money across borders and they can access a range of financial services – insurance, utilities and so much more,” she said.
Mukayi added that Mukuru, which is now one of the most recognisable fintech brands on the continent, had emphasised the concept of convenience as the demand for the company’s services had grown in recent years.
“We are putting the customer at the centre of everything we do, and for that reason, we are serving clients across physical and digital channels, offering various payment methods (cash, card, wallet) as well as a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network.”
“In many instances we have become the only form of contact between senders, and the recipients, and we are happy that we are changing lives through the ease of transactions,” Mukayi said.
Mukuru was listed as one of the top 100 Cross Border Payments companies in the world in the 2024 FXC Intelligence Top 100 Cross-Border Payment Companies, one of only six African companies to receive the accolade.
In 2023, Mukuru was officially ranked sixth on the LinkedIn Top Companies List in South Africa.
The company was celebrated for innovation and excellence at the 2023 Africa Tech Festival Awards, receiving the Fintech Innovation of the Year Award – an acknowledgment of the transformative power of financial technology in driving economic growth, financial inclusion, and digital transformation.
Since Mukuru’s inclusion in the FX Intelligence list in 2024, the company is expanding its digital financial solutions across Africa, Europe, and Asia. As part of this growth, Mukuru now has 5 wallets/cards in 5 markets including South Africa, Malawi, Zimbabwe, Botswana, and, most recently, Zambia.
In addition to individual solutions, Mukuru has strengthened its business offerings through MPAY (Mukuru Pay) and EPP (Enterprise Payment Platform).
Mukuru platforms provide flexible payment solutions for e-commerce, payroll management, aid disbursements, and bulk transactions, ensuring efficient financial services for organisations across various sectors.
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