Mukuru, a fintech company, has unveiled a new mobile wallet in Malawi called the Mukuru Wallet.

This move, according to the business, is in response to the growing demand for a digital store of value among cash-dependent citizens who have come to rely on Mukuru.

The Mukuru Wallet is intended to meet the growing demand for a simple, safe, and efficient solution to manage finances and make money transfers, according to the company.

It further stated that the wallet allows clients to easily receive and send payments both locally and globally, as well as store, save, and earn interest on funds.

This Mukuru Wallet was created exclusively for the Malawian market, with two pockets called "Nyanja" and "Moyo".

Nyanja is used for domestic money transfers and cash ins, whilst Moyo is used to accept foreign money transfers.

According to the company, clients will benefit from no fees while cashing out from the Moyo pocket.

This comes as mobile wallets gain popularity across the continent and prove to be an important financial tool for underserved and unbanked groups, providing a safe and effective way to access financial services.

According to Mukuru, the wallet in Malawi provides an alternative way for both rural and urban residents to access official financial services.

Mike Cook, head of wallet and card at Mukuru, said: “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 into the modern, digital financial economy.”

Pride Chiwaya, Mukuru's Malawi country manager, sees the wallet as providing innovative, safe, and efficient payments solution.