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Leading financial services platform Mukuru has introduced its new mobile wallet in Malawi, aiming to enhance international money transfers and financial access.

The Mukuru Wallet is set to address the growing need for a secure, efficient, and convenient platform for managing funds, catering especially to the cash-dependent population that trusts the Mukuru brand.

In line with Mukuru’s commitment to Malawi, the new mobile wallet will empower users by enabling seamless domestic and international money transfers.

It will also offer the ability to store, save, and even earn interest on funds held in the wallet. This launch is especially timely, as mobile wallets are proving to be vital tools for financial inclusion across the African continent, particularly for underserved and unbanked communities.

The Reserve Bank of Malawi’s National Payment Systems report from December 2022 highlights a 14.1% increase in mobile money subscribers, rising to 12.2 million.

This surge in demand was a key driver for Mukuru’s introduction of the wallet, according to Pride Chiwaya, the company’s Malawi Country Manager.

“Mukuru is committed to driving financial inclusion,” says Chiwaya. “The wallet builds on the trust we have established through our extensive network of orange booths and branches, and it also positions Mukuru as a preferred partner for businesses and organizations in Malawi looking for secure and efficient payment solutions.”

The Mukuru Wallet features two dedicated “pockets” to meet the unique needs of the Malawian market: the Nyanja pocket for local transactions and cash-ins, and the Moyo pocket for international money transfers. One standout benefit of the wallet is that customers will not incur any fees when cashing out from the Moyo pocket.

Additionally, customers can earn interest on the funds stored in their wallet, providing them with an incentive to engage with digital financial tools. Mike Cook, Mukuru’s Head of Wallet and Card, noted that this is a vital step toward increasing digital financial literacy and inclusion in Malawi.

“With the Mukuru Wallet, funds from international money transfers are deposited directly into the wallet,” Cook explains. “This eliminates the need to withdraw large amounts of cash, reducing risk while allowing users to pay bills directly from their wallets. It’s a crucial part of helping Malawians fully participate in the digital financial economy.”

The introduction of the Mukuru Wallet is part of the company’s broader strategy to drive digital transformation in Malawi. By modernizing financial services and enhancing user experiences, Mukuru is contributing to the creation of a more efficient, inclusive financial ecosystem.

“Our efforts go beyond just launching a product,” says Cook. “We’re working to create a digital world where Malawians can easily access financial tools and services that help them transition from cash to digital. This is the essence of financial inclusion.”

As Mukuru continues its journey toward becoming a leading payment platform, the company remains dedicated to serving its global customer base with reliable financial solutions. This latest launch marks a significant step forward in Mukuru’s commitment to expanding financial access in emerging markets.