South African-based Mukuru aims to “paint Africa orange” through the development of innovative financial solutions suitable for the continent.
The fintech, whose corporate colours are orange, is boosting the development of digital wallets as it expands its financial inclusion efforts in Africa.
The wallet lets users save, transfer, receive, and pay for services, such as airtime, or pay bills straight from their phone. The service is available in various African nations, including South Africa, Zimbabwe, Malawi, Botswana, and Zambia.
In an interview with ITWeb Africa, Juan Seco, chief growth officer at Mukuru, said the digital wallet initiative has already shown significant impact in terms of convenience and accessibility for users.
He explained that with the rollout of the Mukuru Wallet, the company is enabling users to store, send, and spend money digitally, bridging the gap between cash-based consumers and the digital economy.
Seco said while Mukuru operates across multiple regions on the continent, its presence in its home country, South Africa, remains significant because of the large migrant and unbanked population, which presents a crucial opportunity for meaningful fintech solutions, including wallets.
As chief growth officer and East Africa managing director at Mukuru, Seco stands at the nexus of innovation, financial inclusion, and digital transformation on the continent.
Mukuru is one of Southern Africa’s leading next-generation fintech platforms, offering financial services to customers across Africa, Asia, and Europe.
Seco’s role is pivotal in scaling Mukuru’s offerings, from digital wallets to alternative payment methods in the diverse and evolving markets.
Currently, his focus is deploying the Mukuru Wallet across the Southern Africa Development Community (SADC) region, enabling Mukuru Pay as a leading alternative payment method for cash users, and expanding value-added financial services.
Explaining to ITWeb Africa about the acceptance and adoption of the Mukuru Wallet in SADC, Seco responded: “We have been extremely happy with the results so far. Primarily because it brings, first and foremost, convenience into the lives of our customers.
“If you put yourselves in the shoes of a customer receiving funds in Malawi, and then you get notified that your loved one in South Africa has sent you your remittance that you expected this month.
“The reality is that you still need to go to a Mukuru booth, get cash, and then move on and store that cash somewhere else and transact with it.
“Now, if you have a wallet, you can automatically start using that to either send it to another loved one, maybe it's your daughter that is at the school somewhere else, or store it there until you have a better use for it without having to move.
“So, you know, it's one of those things where it really is a win-win for both parties and we can incentivise and everybody wins on the other side as well.”
Regarding the future of fintech in Africa, Seco highlighted the future as a convergence of financial technology and traditional banking.
He also shared his views on the impact of emerging technologies on the fintech sector, saying: “We were still in the early phase of that. But, you know, I think two things are going to come.
“First, the speed to market and the ability to offer a compelling product to customers is going to be simplified and cut down to a point where it becomes very easy to bring something into the market.”
Addressing the thorny subject of the continent's regulatory ecosystems, Seco pointed out that Mukuru, with over 20 years of experience in the space, sees innovation and regulation as 'hand in hand'.
He continued: “You first try to build a relationship and make it clear to the regulator that you're here to comply and to be a good citizen, that's first and foremost. And you prove it by walking the talk.”
Share
