In a landmark development for financial technology in Africa, Mukuru, one of the continent’s largest fintech platforms, has announced a strategic partnership with MoneyGram, a leading global payments network. This collaboration is set to enhance remittance services throughout Africa and Asia, as the two platforms integrate their capabilities to provide faster, more affordable, and inclusive financial solutions.
According to a recent report from Oui Capital, Africa’s cross-border payment market is expected to surge to an impressive $1 trillion over the next decade. This explosive growth is attributed to the widespread adoption of mobile money, the proliferation of digital wallets, and strategic partnerships between fintech companies. By merging Mukuru’s technology-driven Southern African infrastructure with MoneyGram’s extensive global network, millions of users across varying demographics can look forward to enhanced accessibility, flexibility, and security in their financial transactions.
Supporting global financial access
The partnership provides a dual-layered benefit for customers on both sides of the transaction.
- Global Reach: Mukuru customers will now have access to MoneyGram’s extensive payout network across Asia and both East and West Africa. This includes multiple options for receiving funds, including cash pickups, direct transfers to bank accounts, and mobile wallets.
- Local Strength: In return, MoneyGram customers will gain access to Mukuru’s network of over 1,250 outlets and a multitude of agent and partner locations throughout Southern Africa, ensuring reliable liquidity and last-mile delivery for recipients.
- Inclusive Choice: The partnership successfully bridges the gap between cash and digital ecosystems, catering to both banked individuals and those underserved by traditional banking institutions.
Technology-led integration
At the heart of this collaboration lies a robust technological integration that emphasises speed, security, and scalability:
- API-Driven Interoperability: This feature facilitates real-time settlements and seamless transitions between cash and digital transactions.
- Mobile-First Access: Customers can conveniently transact through Mukuru’s app, WhatsApp, USSD, and web channels, aligning with prevalent customer behaviours across the continent.
- Compliance and Security: The partnership prioritises best-in-class compliance measures, ensuring transactions are safe and regulated while also maintaining user-friendliness.
Andy Jury, Group CEO of Mukuru, expressed his enthusiasm about the partnership, stating, “This is a milestone moment for Mukuru and the communities we serve. Together with MoneyGram, we are not just extending our network—we are building a technology bridge between traditional cash services and digital ecosystems. Our shared goal is to make cross-border payments simpler, faster, and more inclusive.”
Colin Marnewecke, VP of Sales for Africa at MoneyGram, reinforced this sentiment, saying, “We partnered with Mukuru for their strong local presence and trusted brand across Southern Africa. This collaboration highlights our collective commitment to consumer-first solutions. By meeting customers in their preferred environments—be it cash, mobile, or digital—we can ensure they receive the best possible service at the most competitive price.”
This partnership not only builds on the established strengths of both companies but also marks a significant step forward in the evolution of fintech in the region. With technologies rapidly changing the financial landscape, Mukuru and MoneyGram aim to stay ahead by innovatively responding to the needs of today’s consumers.