Leading financial services platform Mukuru has announced the launch of its new mobile wallet in Malawi, the Mukuru Wallet, which, Mukuru says, is designed to address the growing demand for a convenient, secure, efficient way to manage funds and make money transfers.
The Mukuru Wallet enables customers to seamlessly receive and send funds both locally and internationally, and store, save and earn interest on funds.
Mukuru explains that mobile wallets are proving to be a critical financial tool for underserved and unbanked communities, offering a safe and effective means of accessing financial services. In Malawi, the wallet enables an alternative means of accessing formal banking services in both rural and urban areas.
The Reserve Bank of Malawi (RBM) National Payment Systems report for the period ended December 2022 showed a 14.1% increase in the number of mobile money subscribers, which stands at 12.2 million, up from 10.7 million in 2021. According to Pride Chiwaya, Malawi Country Manager at Mukuru, it was this massive demand that led to Mukuru launching the wallet.
This Mukuru Wallet has been designed specifically for the Malawian market, complete with two pockets called Nyanja and Moyo. Nyanja is for all domestic money transfer transactions and cash-ins, while Moyo is for customers to receive their international money transfers. No fees are charged when cashing out from the Moyo pocket. In addition to this, customers earn interest on the funds in their wallet on a quarterly basis.
Mukuru says that, with a safe, secure, digital means of storing money that also enables 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 take part in the modern, digital financial economy.
