FINTECH AFRICA | Mukuru Launches Mobile Money Wallet in Malawi Prompted by Significant Growth in Mobile Money Usage

Leading South African fintech, Mukuru, has announced the launch of its new mobile money wallet in Malawi, the Mukuru Wallet.

The Mukuru Wallet enables customers to seamlessly receive and send funds both locally and internationally, and store, save and earn interest on funds.

According to Mukuru, mobile wallets are becoming an essential financial tool for underserved and unbanked communities, providing a secure and efficient way to access financial services. In Malawi, the mobile wallet offers an alternative means for accessing formal banking services in both rural and urban regions.

According to the Reserve Bank of Malawi’s (RBM) National Payment Systems report for the period ending December 2022, there was a 14.1% rise in mobile money subscribers, reaching 12.2 million, up from 10.7 million in 2021. Pride Chiwaya, Malawi Country Manager at Mukuru, noted that this significant demand prompted Mukuru to launch its mobile wallet.

The wallet is tailored specifically for the Malawian market, featuring two pockets: Nyanja and Moyo.

• Nyanja is used for domestic money transfers and cash-ins, while
• Moyo is designated for receiving international money transfers

There are no fees for cashing out from the Moyo pocket. Additionally, customers earn interest on their wallet balances on a quarterly basis.

Mike Cook, Head of Wallet and Card at Mukuru, said:

“By providing a safe, secure digital means of storing this money, while enabling them to pay bills directly from the wallet, Malawians will not only benefit from the reduced risk of not having to withdraw large sums of cash, but they can also actively partake into the modern, digital financial economy.”

Mukuru is one of the oldest fintech companies in South Africa, having been founded in 2004, by creating remittance services for African migrants in countries such as the United Kingdom. Since then, the company has grown and transformed to offer a range of human-centered services across Africa though channels like WhatsApp, free USSD, the Mukuru App, and their website.

The company was included in the FXC Intelligence Top 100 Cross-Border Payment Companies for 2022.

The fintech operates in over 50 countries and across over 300 remittance corridors.