Pan-African fintech Mukuru is expanding beyond cross-border remittances into everyday banking in South Africa, targeting customers seeking a single platform for receiving salaries, making local payments and transferring money across borders.
The company has launched the Mukuru Account & Card in partnership with Bank Zero, a licensed sponsor bank, with technology and payment services provided by Paymentology and Mastercard. The move strengthens Mukuru’s strategy to build a broader financial services business around its established money transfer operations.
The new account allows customers to receive salaries, make electronic funds transfers (EFTs) to other South African banks, conduct real-time payments, shop online and in physical stores, and send money internationally. Customers can also withdraw cash at reduced ATM fees, access credit facilities and benefit from exclusive discounts on transfers across Africa.
The launch positions Mukuru to compete for a larger share of customers’ everyday financial transactions, extending its relationship with users beyond the movement of money between countries.
Mukuru, which serves more than 17 million customers across its markets, is building on an existing base of approximately 500,000 prepaid cardholders in South Africa. The company said migration to the new account is already gaining momentum, with customers gaining additional functionality and lower fees.
Under the new offering, customers can spend up to R150,000 a month, while incoming EFT payments provide another channel for receiving salaries and other funds.
“This launch is a key milestone in our remittance-led neobank strategy,” said Andy Jury, Mukuru’s chief executive officer.
Jury said the company, which has spent 22 years building its cross-border money transfer business, is extending its services to cover customers’ broader financial needs, including getting paid, paying rent, shopping and supporting relatives abroad.
The strategy reflects an effort to capture more transactions within Mukuru’s ecosystem by combining local payments, card services and international transfers in one account.
Bridging cash transactions and digital finance
Mukuru is also leveraging its physical distribution network to reach customers who continue to rely on cash alongside digital payments.
The company operates through a network of approximately 320,000 physical locations offering its services or cash-in and cash-out facilities, complemented by digital channels. This infrastructure gives it a distribution advantage as it expands into everyday financial services, particularly among customers who need to move between cash and electronic payments.
In South Africa, cross-border transfers are an important part of financial life for people supporting relatives in neighbouring countries and elsewhere on the continent. By integrating local banking functions with remittances, Mukuru aims to make it easier for customers to manage both domestic expenses and international financial commitments.
“At Mukuru, we always talk about meeting our customers where they are,” said Juan Seco, the company’s chief growth officer.
He said the account is designed to expand access to financial services for customers who transact in cash, allowing them to adopt additional digital services as their needs evolve.
The launch also highlights the growing competition among fintech companies to combine payments, remittances and account services in a single offering. For Mukuru, the opportunity lies in using its existing customer relationships and distribution network to increase transaction volumes and deepen customer engagement.
However, the commercial success of the account will depend on customer adoption, pricing, service reliability and the company’s ability to compete with established banks and other digital financial service providers.
Regional expansion
The South African launch follows the recent introduction of the Mukuru Wallet & Card in Botswana, extending the company’s regional strategy of combining money transfers with broader financial services.
Mukuru’s regulated footprint includes e-money licences in Botswana, Zambia and Malawi, as well as a deposit-taking microfinance licence in Zimbabwe.
The expansion comes as fintech providers across Africa seek to address demand for accessible, affordable and integrated financial services, particularly among customers who need to manage money across borders.
By moving into everyday banking, Mukuru is seeking to turn its established remittance business into a more comprehensive financial services platform, allowing it to serve customers at more points in their financial lives.
The launch marks a strategic shift from facilitating transfers alone towards capturing a wider range of domestic and international transactions through a single customer relationship.
