Paymentology powers Mukuru’s move from remittances to everyday banking in South Africa
Paymentology, the leading global issuer-processor, is expanding its partnership with Mukuru as the African fintech takes its next step beyond remittances with the launch of the new Mukuru Account & Card in South Africa.
The launch marks an important evolution for Mukuru, bringing everyday financial services together with the cross-border money movement capabilities that have been at the heart of its business for more than two decades.
Supported by Paymentology’s issuing and processing platform, the new Mastercard-enabled proposition is offered in partnership with Bank Zero as the licensed sponsor bank. Through the Mukuru Account & Card, customers can receive salaries and other EFT payments, make payments to South African bank accounts, shop online and in-store, withdraw cash and continue to send money across borders, bringing more of their everyday financial needs into a single proposition.
The launch builds on a longstanding relationship between Paymentology and Mukuru. Paymentology has previously supported Mukuru’s prepaid card programme in South Africa, helping the fintech extend digital financial services to customers who have traditionally relied heavily on cash.
The latest development significantly expands what customers can do. Around 500,000 Mukuru customers already hold a prepaid card, creating an established customer base from which the new Account & Card can grow. Existing customers can now move onto the new proposition, which provides broader functionality and increased monthly spending limits, EFT’s and immediate payments to South African Banks.
For Paymentology, the launch also demonstrates the opportunity created through its partnership with Bank Zero. Paymentology became Bank Zero’s first alliance partner earlier this year, combining Bank Zero’s digital banking capabilities and local market expertise with Paymentology’s card issuing and processing technology. Together, the model enables businesses such as Mukuru to bring tailored financial propositions to market without having to build the underlying banking and payments capabilities themselves.
Kesheni Moodley, regional director for Africa at Paymentology, said: “Working with Mukuru over the years has given us a front-row seat to its evolution and the impact it has had on how people across Africa access and move their money. This latest launch is particularly exciting because it brings together two important parts of people’s financial lives: how they manage money day to day and how they support family and communities across borders.
“Our role is to give partners the technology and flexibility to turn ideas into products that work at scale. By bringing together Mukuru’s deep understanding of its customers, Bank Zero’s banking capabilities and Paymentology’s processing expertise, we are helping to connect everyday payments with the cross-border services Mukuru’s customers already rely on.”
Andy Jury, CEO of Mukuru added: “The Mukuru Account & Card represents an important next step in our journey. Our customers have trusted us for more than 20 years to help them move money
across borders, and we now have the opportunity to support much more of their everyday financial lives.
“Paymentology has been a longstanding partner to Mukuru and understands both our business and the customers we serve. As we expand our proposition, having partners that can support the scale, flexibility and experience we want to deliver is incredibly important.”
Mukuru has built an extensive physical and digital network across Africa, with more than 320,000 locations offering its services or cash-in and cash-out capabilities. The combination of physical access and digital services allows customers to move between cash and digital finance according to their individual needs.
The partnership reflects a broader shift underway across African financial services, as fintechs increasingly expand beyond individual products such as remittances or prepaid cards to build more connected financial experiences around their customers.