The financial services platform Mukuru has unveiled the Mukuru Wallet, a new mobile wallet tailored for users in Malawi. This initiative reflects the company’s strong commitment to the Malawian market and addresses the increasing demand for a digital safe haven for cash among citizens who rely on cash transactions and have come to trust Mukuru.
Mobile wallets are gaining traction throughout Africa, serving as essential financial tools for underserved and unbanked populations. In Malawi, these wallets offer a secure and effective alternative to conventional banking services, benefiting both rural and urban communities. The Mukuru Wallet is designed to promote financial inclusion for individuals who may lack access to traditional banking facilities. The Mukuru Wallet aims to fulfill the demand for a straightforward, secure, and efficient means of managing cash and facilitating money transfers. It enables users to send and receive dollars locally and internationally, as well as store, save, and earn interest on their funds. According to the Reserve Bank of Malawi’s National Payment Systems report for the year ending December 2022, the number of mobile money subscribers rose by 14.1%, reaching 12.2 million, up from 10.7 million in 2021. Pride Chiwaya, Mukuru’s Country Manager for Malawi, emphasized that this significant demand was a key factor in the launch of the wallet.
“Mukuru is dedicated to enhancing financial inclusion. This wallet addresses the increasing need for money transfer solutions and builds on the trust we’ve developed through our expanding orange booth and branch network. Furthermore, we are becoming a preferred partner for businesses and organizations in Malawi that are looking for innovative, secure, and efficient payment options. Our goal is to provide these institutions with reliable financial tools through our extensive network,” Chiwaya stated.
The Mukuru Wallet has been specifically designed for the Malawian market and features two compartments named “Nyanja” and “Moyo.” The Nyanja compartment is designated for domestic money transfer transactions and cash deposits, while the Moyo compartment is for receiving international money transfers. Customers will benefit from no fees when cashing out from the Moyo compartment. “Additionally, customers can earn interest on the funds in their wallet on a quarterly basis,” explained Mike Cook, Head of Wallet and Card at Mukuru. He noted that this feature serves as a strong incentive for customers to engage with digital money, further advancing their journey toward financial inclusion.
Cook highlighted that customers can now conveniently receive international money transfers directly into their Mukuru Wallet, eliminating the reliance on traditional payment methods. By offering a secure digital platform for managing their funds and allowing them to pay bills directly from the wallet, Malawians will not only reduce the risks associated with handling large amounts of cash but also actively participate in the modern digital financial economy. This encapsulates the essence of financial inclusion—providing people with the means to engage in the mainstream economy. This launch represents a significant milestone in Mukuru’s strategy to become a leading payment platform that helps emerging consumers transition from cash to digital solutions. It is also a vital part of the company’s efforts toward digital transformation in Malawi, which aims to modernize financial services, improve user experience, and enhance financial inclusion. Collectively, these initiatives contribute to creating a more digital, efficient, and inclusive financial ecosystem in Malawi, and Mukuru is proud to be a part of this evolution,” Cook concluded
