Mukuru Launches Digital Wallet in Malawi, Boosting Financial Inclusion Efforts
The launch aligns with Mukuru's strategy to facilitate the transition from cash to digital transactions in emerging markets, potentially reshaping Malawi's financial landscape.
LILONGWE, Malawi— Financial services platform Mukuru has introduced a new mobile wallet in Malawi, aiming to expand digital banking access in a country where cash remains king, writes Winston Mwale.
The Mukuru Wallet allows users to send and receive money locally and internationally, store funds, and earn interest.
It comes as mobile money usage in Malawi surges, with subscribers increasing 14.1% to 12.2 million in 2022, according to central bank data.
"Mukuru is committed to driving financial inclusion," said Pride Chiwaya, Malawi Country Manager at Mukuru.
"This wallet, in response to the growing demand for money transfers, builds on the trust we have established through our growing orange booth and branch network."
The wallet features two compartments: "Nyanja" for domestic transactions and "Moyo" for international transfers. Users can cash out from the Moyo pocket without fees and earn quarterly interest on stored funds.
Mike Cook, Head of Wallet and Card at Mukuru, emphasized the wallet's role in modernizing financial services: "By providing a safe, secure digital means of storing this money, while enabling them to pay bills directly from the wallet, Malawians will not only benefit from the reduced risk of not having to withdraw large sums of cash, but they can also actively partake in the modern, digital financial economy."
The launch aligns with Mukuru's strategy to facilitate the transition from cash to digital transactions in emerging markets, potentially reshaping Malawi's financial landscape.