Mukuru, a pan-African digital payments company, is preparing to expand its strategy across the continent as the rise of online transactions grows. The company currently serves 17 million users in Africa, Asia, and Europe, refining over $3.5 to $4 billion in payments annually across Africa, as stated by TechPoint.
“Customers have become more comfortable using digital means, network, and infrastructure,” Chief Executive Officer Andy Jury told Bloomberg.
What does Mukuru do?
Mukuru Ltd. is a digital payments platform founded in 2004 by Zimbabwean entrepreneur Rob Burrell. It started as a platform that allowed people in London to buy international talk time vouchers to speak with people in Zimbabwe. In 2010, it gained its first partnership with Inter-Africa, a Bureau de Change, to ensure that migrant workers were safely sending money back home.
Eventually, the Fintech firm expanded its operations to Asia and activated intra-Africa remittance flows. It is now listed as one of the leading 150 cross-border businesses globally in the 2020 FXC Intelligence Incumbents vs Challengers in Cross-Border Payments.
With the rise of mobile money solutions, the company is scaling rapidly, according to Jury. TechPoint reported that Digital transactions account for two-thirds of Mukuru’s payments, an increase from 40% compared to four years ago.
Mukuru launching a digital wallet in Zimbabwe
In January, the firm launched a digital wallet in Zimbabwe to give users local and international money transfers, free cashouts, and essential payment services.
“The Mukuru Wallet is a significant development in the country because we have built a reputable brand by consistently ensuring cash availability when needed. To avoid disappointing people who travel long distances to receive their remittances which they use for food, school fees and other essential services, we now have 250 of our own service points,” Marc Carrie-Wilson, Send Money Home Zimbabwe CEO said.
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