Mukuru launches Naira bank top-up feature in Nigeria
Nigeria
,
28 Jun 2023
Fintech firm Mukuru has launched a Naira bank top-up feature for its customers in Nigeria, becoming the first remittance company in Africa to offer payouts directly into bank accounts in the West African country.
Mukuru says this feature is expected to simplify the remittance process for immigrants sending funds back home by addressing the challenge of converting USD to Naira.
Nigeria is the largest receiver of remittances in Sub-Saharan Africa and the fourth largest in the world.
In 2022, Nigeria’s inbound remittance flows were estimated to be $21 billion, according to the inaugural Global Money Transfer Index, published by money transfer operator Western Union.
Mukuru says the move announced today aims to address real-world customer pain points.
It says Mukuru's Naira bank top-up product enables consumers to avoid the sub-optimal process of converting received USD into Naira for their daily transactions.
Banking on its technology platform, built in collaboration with its in-country partner, Mukuru connects to 16 banks in Nigeria through a single application programming interface integration, facilitating immediate fund transfers.
To use the feature, customers can sign up through various channels such as WhatsApp, the Mukuru mobile app, or through field ambassadors.
Once registered, customers can create an order and make payment for that order through various pay in options such as retail partners, Mukuru locations and banks.
The funds are then immediately available in the recipient’s Naira bank account.
"Through the introduction of Naira bank top-ups, we are addressing a key need in the Nigerian remittance and payments landscape," explains Tendai Tizirai, market development manager at Mukuru.
Tizirai adds: "By offering Naira payouts, we can provide a service that is safe, convenient, and fast. We are working to bring an end to the era of consumers resorting to informal markets with uncertain security and significant time lags."