Mukuru launches digital wallet Malawi

Mukuru, a leading global financial services platform known for its advanced fintech solutions, has introduced the Mukuru Wallet in Malawi

This launch aligns with Mukuru's strong dedication to the Malawian market and addresses the rising demand for digital value storage among cash-reliant citizens who trust the Mukuru brand

The Mukuru Wallet aims to meet the increasing need for a convenient, secure, and efficient way to manage finances and facilitate money transfers. It allows users to send and receive funds both domestically and internationally, as well as store, save, and earn interest on their balances.

Mobile wallets are becoming an essential tool across Africa, offering a reliable solution for underserved and unbanked populations to access financial services. In Malawi, the Mukuru Wallet provides an alternative way to access formal banking services in both urban and rural areas.

The Reserve Bank of Malawi's (RBM) National Payment Systems report for December 2022 highlighted a 14.1% rise in mobile money users, reaching 12.2 million from 10.7 million in 2021. Pride Chiwaya, Mukuru’s country manager for Malawi, noted that this growing demand prompted the launch of 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 organisations 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,” Chiwaya stated.

The Mukuru Wallet is tailored specifically for the Malawian market and includes two features called “Nyanja” and “Moyo.” The “Nyanja” pocket handles domestic transfers and deposits, while the “Moyo” pocket is dedicated to receiving international money transfers. A notable advantage for users is the absence of withdrawal fees from the Moyo pocket.

Mike Cook, Mukuru's head of wallet and card, added, “In addition to this, customers earn interest on the funds in their wallet on a quarterly basis,” emphasising that this encourages users to embrace digital money, thereby advancing their journey toward financial inclusion.

Cook further explained that customers, who traditionally withdraw international transfers to cover their expenses, will now receive these funds directly into their Mukuru Wallet, ensuring a smoother and more convenient process. This digital solution not only provides a safe and secure way to store money but also allows users to pay bills directly from the wallet, reducing the risks of carrying large sums of cash. As Cook stated, “Essentially, this is what financial inclusion is – providing people with the platform to be included in the mainstream economy.”

The Mukuru Wallet launch is a crucial part of Mukuru’s broader strategy to become a leading payment platform, helping emerging consumers transition from cash to digital solutions. "Importantly, it's a critical component in the business’ drive towards digital transformation in Malawi, which involves modernising 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,” said Cook.