Mukuru’s strategy in Africa’s growing cross-border money transfer market is the focus of this edition of the Business Day Spotlight.
Host Mudiwa Gavaza talks to Mukuru CEO Andy Jury.
Jury, who has been at the helm of the company since mid-2017, outlines the group’s strategy for keeping pace with and winning in Africa’s competitive money transfer market.
Mukuru is a financial technology (fintech) platform in Southern Africa that specialises in cross-border payments and remittances. It has a customer base of more than 13-million across 50 countries in Africa, Asia and Europe.
The movement of people and goods on the African continent and the push for greater regional trade are creating the need for simpler and more affordable forms of payment.
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Jury says he welcomes growing competition from mobile operators such as Vodacom and MTN, both of which have a presence in the continent’s money transfer ecosystem. While Vodacom offers integration for partners like Mukuru on the M-Pesa platform, run in partnership with Kenya’s Safaricom, MTN recently launched its own remittance service to more than 10 countries in September.
Jury says the presence of more players helps to increase choice for consumers and push down prices.
The discussion includes the state of remittances on the continent; regulations and how money flows in Africa; the importance of financial inclusivity; and the benefits of having more players in the money-transfers market.
Business Day Spotlight is a TimesLIVE Production.
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