Mukuru has launched the Mukuru Account & Card in South Africa, expanding its financial services beyond remittances and prepaid cards.
The new account has been introduced in partnership with Bank Zero, the licensed sponsor bank, and is enabled by Paymentology and Mastercard. It combines everyday banking services with Mukuru’s established cross-border remittance offering through a single account.
Customers can use the Mukuru Account to receive salaries and incoming electronic funds transfers, send EFTs and real-time payments to any bank in South Africa, make online and in-store purchases, and withdraw cash at reduced ATM fees. The account supports monthly spending of up to R150,000 and also provides access to credit facilities and discounts on selected money transfers across Africa.
Mukuru said the product launches with an established customer base, with around 500,000 existing customers currently holding its prepaid card. Migration to the new Account, which provides additional functionality and lower fees, is already gaining momentum, according to the company.
The launch forms part of Mukuru’s broader strategy to expand from a remittance-focused business into everyday financial services. CEO Andy Jury said the company is building on 22 years of experience in cross-border money transfers to provide customers with services including receiving salaries, paying rent, shopping and sending money internationally from one account.
Mukuru is also leveraging its distribution network of approximately 320,000 physical locations, including service points and cash-in/cash-out locations, alongside its digital channels. The company said the network enables customers to move between cash and digital financial services depending on their needs.
The Mukuru Account & Card is available through Mukuru branches, participating partner locations, customer service offices and roaming customer field ambassadors across South Africa. Customers can also register through the Mukuru app and WhatsApp.
The South African launch follows Mukuru’s recent introduction of the Mukuru Wallet & Card in Botswana. The company’s regulated presence in the region also includes e-money licences in Botswana, Zambia and Malawi, as well as a deposit-taking microfinance licence in Zimbabwe.
