Mukuru introduces Mobile Wallet to ease growing demand for digital financial services
Mukuru, a leading financial services company has introduced a mobile Mukuru Wallet in Malawi to address the growing demand for digital money transfers at both local and international level.
Speaking during the launch of the Mukuru Mobile Wallet in Lilongwe on Friday, Mukuru Malawi Country Manager, Pride Chiwaya said the move is in line with the business’s unwavering commitment to Malawi to respond to the growing demand for a convenient, secure, efficient way to manage funds and make money transfers.
“The Wallet enables customers to seamlessly receive and send both locally and internationally and store,save and earn interest on funds,”he said.
Chiwaya observed that as mobile wallets gain popularity across the continent, they prove to be a critical financial tool for underserved Communities, offering a safe and effective means of accessing financial services.
He said Malawi, the wallet enables an alternative means of accessing formal banking services in both rural and urban areas
According to Chiwaya, the 2022 National Payment Systems report of the Reserve Bank of Malawi (RBM) showed a 14.1 per cent increase in the number of mobile money subscribers standing at 12.1million from 10.7 million in 2021.
Chiwaya stated that the massive demand indicated in the report led to Mukuru introducing the wallet.
“We are committed to driving financial inclusion and this wallet in response to the growing demand for money transfers builds on trust we have established through our growing orange booth and branch network,” he said.
Adding that they are becoming a preferred partner for businesses and organisations in Malawi that are increasingly seeking innovative, secure and efficient payment solutions.
Chiwaya however said the Mukuru Wallet has been specifically designed for Malawians market, complete with two pockets called “Nyanja” for domestic money transfer transactions and cash-ins and “Moyo” is for is for customers to receive their international money transfers.
Mukuru Head of Wallet and Card, Mike Cook said in a statement that the launch is an important step in Mukuru’s overall strategy of being a leading payment platform that enables emerging consumer’s to transition from cash to the digital world.
Importantly, he emphasized: “it is a critical component in the business’ drive towards digital transformation in Malawi which involves modernizing financial services, enhancing user experience and promoting financial inclusion.”
Cook however said the efforts collectively contribute to a more digital, efficient and inclusive financial ecosystem in Malawi.
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