Mukuru has launched its mobile wallet in Malawi. The 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 Malawians who have grown to trust Mukuru.
Like any other digital wallet, Mukuru is designed to address the growing demand for a convenient, secure, and efficient way to manage funds and make money transfers. It enables customers to seamlessly receive and send funds locally and internationally, and store, save, and earn interest on funds.
As mobile digital wallets gain popularity across Africa, they are proving to be a critical financial tool(s) for underserved and unbanked communities, offering a safe and effective means of accessing financial services. In Malawi, Mukuru enables an alternative means of accessing formal banking services in rural and urban areas.
The Reserve Bank of Malawi’s National Payment Systems report for the period ended December 2022 showed a 14.1% increase in mobile money subscribers, which stands at 12.2 million, up from 10.7 million in 2021. “It was this massive demand that led to Mukuru launching the wallet in the country,” said Pride Chiwaya, Malawi Country Manager at Mukuru.
“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,” Chiwaya further stated in a press statement. “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.”
The Mukuru wallet designed specifically for the Malawian market comes with two pockets; “Nyanja” and “Moyo”. Nyanja is for all domestic money transfer transactions and cash-ins, while Moyo is for customers to receive international money transfers. An added benefit for customers includes no fees charged when cashing out from the Moyo pocket.
Mike Cook, Head of Wallet and Card at Mukuru customers will also earn interest on the funds in their wallet quarterly. “This is a strong incentive for customers to engage with digital money, further helping them along the financial inclusion journey,” he said.
Cook explains that by providing a safe, secure digital means of storing 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. “This is what financial inclusion is —providing people with the platform to be included in the mainstream economy,” he says.
The launch which Mukuru takes pride in —is an important step in its 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.
