Fintech company Mukuru launches new mobile wallet in Malawi

[ad_1]

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.

MORE ARTICLES YOU MAY BE INTERESTED IN...

[ad_1]

Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=670d617ff108406c9079e43fe4114ed0&url=https%3A%2F%2Fdevelopingtelecoms.com%2Ftelecom-technology%2Ffinancial-services%2F17457-fintech-company-mukuru-launches-new-mobile-wallet-in-malawi.html&c=10743198167349012785&mkt=en-us Author : Publish date : 2024-10-14 07:21:00 Copyright for syndicated content belongs to the linked Source .

December 2025
M	T	W	T	F	S	S
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30	31

Fintech company Mukuru launches new mobile wallet in Malawi

If you think grocery prices take a big bite out of your paycheck in the US, check out the rest of the world | Opinion

America’s Cup: Peter Burling becomes winningest helmsman in Cup match history with Team NZ race win

America’s Cup: Peter Burling becomes winningest helmsman in Cup match history with Team NZ race win

Brown and Costa Blast Trump’s Argentina Beef Bailout: A Major Blow to US Ranchers!

From a Brief Visit to Forever: My 7-Year Love Story in Ecuador

El Salvador Calls Out US for Migrant Crisis in Powerful UN Address

Renewable Energy Revolution in French Guiana: A Bold Step Forward or a Missed Opportunity?

US Boosts Diplomatic Push in Grenada and Antigua to Combat Narco-Terrorism

Discover the Enigmatic Hot Blob Beneath Appalachians: A Geological Wonder Heading to New York!

Unrest in Guadeloupe: Anti-Vaccine Protesters Face Off Against Hospital Staff

IRC Rises to the Challenge: Delivering Vital Protection Services in Guatemala Amid U.S. Aid Cuts

Billionaire Politician’s Corruption Charges: Will They Impact His Influence in Guyana’s Parliament?

Confronting Haiti’s Crisis: Key Questions for America’s Future

Categories

Archives