The financial services platform Mukuru has announced the launch of the Mukuru Wallet, a new mobile wallet in Malawi.
This move aligns with the business’s unwavering commitment to Malawi and responds to the growing demand for a digital store of value among cash-dependent citizens who have grown to trust Mukuru.
Mobile wallets are becoming increasingly popular across Africa, serving as a crucial financial tool for underserved and unbanked communities. In Malawi, these wallets provide a safe and effective alternative to traditional banking services in both rural and urban areas. The Mukuru Wallet aims to provide financial inclusion for those who may not have access to traditional banking services.
The Mukuru Wallet aims to meet the growing demand for a simple, safe, and efficient solution to handle cash and conduct money transfers. It allows clients to easily receive and send dollars both locally and internationally, as well as store, save, and earn interest on funds.
The Reserve Bank of Malawi (RBM) National Payment Systems report for the period ended December 2022 showed a 14.1% increase in the number of mobile money subscribers, which stands at 12.2 million, up from 10.7 million in 2021. According to Pride Chiwaya, Malawi Country Manager at Mukuru, it was this massive demand that led to Mukuru launching the wallet.
“Mukuru is committed to driving financial inclusion, and this wallet, in response to the growing demand for money transfers, builds on the trust we have established through our growing orange booth and branch network. In addition to this, we are becoming a preferred partner for businesses and organizations in Malawi that are increasingly seeking innovative, secure, and efficient payment solutions. Our mission is to equip these institutions with reliable financial tools using our extensive network,” adds Chiwaya.
This Mukuru wallet has been designed specifically for the Malawian market, complete with two pockets called “Nyanja” and “Moyo.” Nyanja is for all domestic money transfer transactions and cash ins, while Moyo is for customers to receive their international money transfers. An added benefit for customers includes no fees charged when cashing out from the Moyo pocket.
“In addition to this, customers earn interest on the funds in their wallet on a quarterly basis,” says Mike Cook, Head of Wallet and Card at Mukuru, adding that this is a strong incentive for customers to engage with digital money, further helping them along the financial inclusion journey.
Cook explains that customers can now conveniently deposit international money transfers directly into their Mukuru Wallet, eliminating the need for traditional payment methods.
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 in the modern, digital financial economy. Essentially, this is what financial inclusion is—providing people with the platform to be included in the mainstream economy.”.
The launch is an important step in Mukuru’s overall strategy of being a leading payment platform that enables emerging consumers to transition from cash to the digital world. Importantly, it’s a critical component in the business’ drive towards digital transformation in Malawi, which involves modernizing financial services, enhancing user experience, and promoting financial inclusion.
These efforts collectively contribute to a more digital, efficient, and inclusive financial ecosystem in Malawi, and Mukuru takes pride in being a part of this,” says Cook.The post Financial Services Platform Unveils Mobile Wallet for Malawi first appeared on IT News Africa | Business Technology, Telecoms and Startup News.