Mukuru, a financial services platform, which serves customers around the world with world-class fintech technology, has launched a new mobile wallet in Malawi, the Mukuru Wallet.

The Mukuru Wallet is designed to address the growing demand for a convenient, secure, efficient way to manage funds and make money transfers.

It enables customers to seamlessly receive and send funds both locally and internationally, and 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 12.2m, up from 10.7m in 2021.

According to Pride Chiwaya, Malawi country manager at Mukuru, it was this massive demand that led to Mukuru launching the wallet.

The 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, 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 (left), Head of Wallets and Cards 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 explained that currently, customers collect international money transfers to pay for their expenses. With Mukuru, funds are deposited directly into the customer’s wallet in a seamless and secure transfer. Malawians can then pay bills and make transactions without the need to withdraw cash, reducing their risks from handling hard currency and participating directly in the mainstream economy.

The launch of the wallet is a key step in Mukuru’s overall aim to be a leading payment platform that enables emerging consumers to transition from cash to the digital world.

“The introduction of the wallet is a critical component in the business’ drive towards digital transformation in Malawi, which involves modernising financial services, enhancing user experience, and promoting financial inclusion. Mukuru takes pride in contributing to a more digital, efficient, and inclusive financial ecosystem in Malawi,” says Cook.

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