Mukuru and MoneyGram form strategic alliance, aiming to enhance cross-border money transfers in Africa and globally
In a groundbreaking development for the global remittance industry, Mukuru, one of Africa's largest fintech platforms, has partnered with MoneyGram, a leading global payments network. This strategic alliance connects two advanced financial technology platforms, aiming to deliver faster, more affordable, and inclusive remittance services across Africa, Asia, and beyond.
The partnership is expected to benefit millions of customers across various regions. For MoneyGram customers, it opens up access to Mukuru's owned network of over 1,250 outlets and extensive agent and partner locations across Southern Africa. Similarly, Mukuru customers can now access MoneyGram's expansive payout network across Asia, East and West Africa.
This collaboration is a strategic move for both parties, building on their track records of fintech innovation and strategic alliances. Mukuru, known for its commitment to financial inclusion, has previously considered strategic alliances with global distribution partners such as Western Union and MoneyGram.
The partnership aims to provide greater access, flexibility, and security in how people send and receive money. It bridges cash and digital ecosystems, serving both banked and underserved customers with solutions tailored to emerging markets.
According to Oui Capital's latest market report, Africa's cross-border market is forecast to triple in size to $1 trillion over the next decade. This partnership is timely, as it seeks to capitalise on this growing market, making remittances more accessible and affordable for all.
In conclusion, the Mukuru-MoneyGram partnership is set to revolutionise the remittance landscape, offering a more inclusive, efficient, and secure way for people to send and receive money across borders. This collaboration is a significant step towards financial inclusion and economic growth in Africa and beyond.
