Mukuru, one of the largest international money operators and remittance companies in Africa, has confirmed its acquisition of Zoona Malawi’s operational assets and technology systems.
Zoona, which has worked with Mukuru for four years as a trusted partner enables entrepreneurs to bring safe and reliable financial services to underserved rural communities in Malawi and elsewhere.
Andy Jury, Mukuru’s CEO explained “This acquisition will bring the benefits of our 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.”
It will eliminate the time and money that people, especially migrant workers, must spend travelling long distances to local towns to claim remittances. 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.
Following the acquisition, Zoona Malawi’s agents will operate as Mukuru agents benefiting from a wider product range and the Southern African Development Community (SADC) which could boost earnings.
Jury added “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.”