Mukuru acquires Zoona Malawi’s operational assets

Mukuru, one of the largest international money operators and remittance companies in Africa, has confirmed that it has acquired Zoona Malawi’s operational assets along with the technology systems that support its Malawian operations.

Zoona has sold its Malawian operational assets to global money transfer group Mukuru

Zoona, which has worked with Mukuru for four years as a trusted partner, is an Africa-based fintech that enables entrepreneurs to bring safe and reliable financial services to underserved communities in Malawi and elsewhere.

Mukuru chief executive officer Andy Jury said in a statement made available to Nyasa Times that the deal strengthens Mukuru’s position as Africa’s leading remittance company while boosting financial inclusion across the continent.

“Mukuru empowers Africa’s financially underserved migrant workers to be included in the formal financial ecosystem and to move money in a convenient, safe and affordable way,” says Jury.

He says the acquisition will bring the benefits of the company’s extensive products and cutting-edge technology to the citizens of Malawi – giving them better options and safe mechanisms to send money to loved ones and ultimately uplift their communities.

“The acquisition will extend Mukuru’s unequalled African footprint deep into the urban centres and rurally across Malawi – thus eliminating the time and money that people have to spend travelling long distances to local towns to claim remittances. In short, access to Mukuru’s services for rural dwellers will lessen the erosion of wealth and provide more opportunities for financial upliftment,” stresses Jury.

The statement further discloses that following the acquisition, Zoona Malawi’s agents will operate as Mukuru agents benefiting from a wider product range to offer customers backed by Mukuru’s trusted and established brand name.

In addition, the agents will benefit from being part of the SADC regional network, increasing their regional exposure and potentially boosting earnings over time.

Paul Maasdorp, Managing Director at Emerging Capital Partners, key Mukuru investors, said they are pleased to continue to support Mukuru’s rapid expansion and extensive reach through organic growth and acquisitions across the continent.

Maasdorp said Mukuru is an exciting, large Fintech player that is leveraging its impressive technology platform and logistics capabilities to rapidly formalize informal channels and provide an affordable, safe alternative to risky informal remittance channels.

He added that innovative money transfer providers that leverage technology and global partnerships are rapidly accelerating financial inclusion across the continent by providing convenient, secure and accessible alternatives to informal, unregulated players that operate illegally.

He said all too often, migrants who turn to informal remittance ‘providers’ fall prey to loan sharks and fraudsters, losing many months of income because of a lack of services in their area.

But Jury assured that Mukuru is a strong and stabilising presence in the markets and regions in which we operate, providing inflows vital to immigrants and central banks alike.

“We work closely with regulators and central banks in this highly regulated industry to lead in compliance and provide innovative products that are affordable and accessible to our customers and disempowered migrant workers,” adds Jury.

“Looking ahead, we plan to build up the agent network a nd provide new and exciting accessible financial products in Malawi. By becoming an integral part of one of the largest fastest growing fintech’s in the region, former Zoona agents will have access to money movements in the broader region with the backing of world-class technology and infrastructure,” he said.

Mukuru is an Africa-based FinTech that enables safe, affordable, reliable financial services to underserved communities.

With over 30 million cross-border transactions over the last decade, the company is one of Africa’s largest remittances-led FinTech’s. Our remittance service offers customers the opportunity to send money to their relatives or friends in over 20 countries across Africa and Asia.

Additionally, it offers critical customer services such as Funeral Cover, The Mukuru Money Card and payment solutions for businesses in emerging markets.

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