Mukuru, a leading African fintech platform, has partnered with MoneyGram, a global payments network, to improve cross-border payments. This partnership aims to make remittance services across Africa, Asia, and other regions faster, more affordable, and inclusive. The collaboration leverages Mukuru’s strong Southern African network with MoneyGram’s extensive global reach.
The partnership provides several benefits for customers. Mukuru customers can now access MoneyGram’s large payout network in Asia and East and West Africa, with options for cash pickup, direct bank transfers, and mobile wallet transfers. In return, MoneyGram customers can use Mukuru’s network of over 1,250 outlets and agent locations in Southern Africa for reliable last-mile delivery. The collaboration also bridges the gap between cash and digital ecosystems, catering to both banked and underserved customers.
The core of this partnership is the integration of both companies’ technology platforms. The collaboration uses API-driven interoperability for real-time settlements and seamless switching between digital and cash transactions. Additionally, it offers mobile-first access through Mukuru’s app, WhatsApp, USSD, and web channels, aligning with customer behavior in Africa. The partnership also ensures secure, regulated transactions while maintaining simplicity.
According to a report by Oui Capital, the cross-border market in Africa is expected to triple to $1 trillion in the next decade, driven by mobile money and fintech partnerships. This collaboration between Mukuru and MoneyGram is a strategic move to capitalize on this growth and advance financial inclusion by providing a wide range of payment options to customers.
