One of Africa’s largest money operators and remittance companies, Mukuru, has confirmed the acquisition of Zoona’s operational assets in Malawi along with the technology systems that support its Malawian operations. Mukuru did not reveal how much it paid to acquire Zoona’s Malawian technology systems or assets. According to the company’s LinkedIn profile, Mukuru’s headquarters are in Cape Town and it was founded in 2004. US based Emerging Capital Partners is one of the company’s key investors.
Zoona, which has worked with Mukuru for four years as a partner, is an Africa-based fintech that enables entrepreneurs to bring safe and reliable financial services to underserved communities in Malawi and elsewhere. Mukuru did not reveal how much it paid to acquire Zoona’s Malawian technology systems or assets. According to Mukuru’s CEO Andy Jury said the acquisition will extend Mukuru’s African footprint deep into the urban and rural areas cross Malawi. “This acquisition will bring the benefits of our extensive products and cutting-edge technology to the citizens of Malawi – giving them better options and safe mechanisms to send money to loved ones and ultimately uplift their communities,” he said.
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Following the acquisition, Zoona Malawi’s agents will operate as Mukuru agents benefiting from a wider product range to offer customers backed by Mukuru’s trusted and established brand name. In addition, agents will benefit from being part of the Southern African Development Corporation (SADC) regional network, increasing their regional exposure and potentially boosting earnings over time.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry