WorldRemit is gradually biting off a majority share from Africa’s booming money remittance market. Apart from presence in more than 9 African countries (including Botswana, Central African Republic, Chad, Malawi, Mauritius, Mozambique, Namibia, Togo and Zambia), the global online money transfer service has announced a partnership with Mukuru, one of Africa’s largest remittance providers to broaden options for cash pick up in Zimbabwe. The partnership will be instrumental in bringing world-class financial services to Zimbabweans and generating new synergies for African financial inclusion.
“We are excited to be able to extend Mukuru’s valuable pay-out footprint to more customers, and to harness this opportunity with WorldRemit’s global reach to expand our fast-growing global presence — while simultaneously creating new opportunities for customer-led innovation on the continent. These types of synergies bring immediate value to our customers, and alleviates their day to day challenges with user-friendly solutions,” Andy Jury, CEO, Mukuru says.
Here Is What You Need To Know
- With many families in dire need of financial resources during the coronavirus pandemic, the partnership enables WorldRemit customers in over 50 countries including the United Kingdom, United States, Australia, New Zealand, Canada and Europe to send money to their loved ones far and wide in Zimbabwe.
- Money recipients in Zimbabwe are now also able to collect their WorldRemit remittance at any of Mukuru’s 120 orange booths and branches, which are located across the country in both rural and peri-urban areas.
- The money transfer service is operational for six days a week and offers cash in US dollars. Customers will not have to endure long queues, and can collect their cash quickly and safely.
- The relationship between WorldRemit and Mukuru is particularly significant in that both players are simply leveraging their existing capabilities and resources — and neither company has to invest or generate new resources to make it work.
- The WorldRemit platform is 100% digital pay in for customers across the diaspora in countries such as the United States, United Kingdom and Europe in particular, while Mukuru is an established remittance provider in Zimbabwe.
- With reportedly over 30 million cross-border transactions over the last decade, Mukuru is one of Africa’s remittances-led FinTech companies.
“Having recognised the challenges that so many Zimbabwean families are facing, both of our leadership teams were able to cut to the chase and find a solution very quickly — whilst still meeting all the financial and regulatory requirements of the partnership,” added Jury. “We are delighted that both Mukuru and WorldRemit can come together to be part of the solution for so many of our Zimbabwean customers.”
A Strategic Partnership
Pardon Mujakachi, Head of Sub Saharan Africa and Country Director for Zimbabwe at WorldRemit says:
“We have witnessed an increasing demand as more Zimbabweans are using our digital app to send money to their loved ones. Through this partnership we are able to drive our service further and wider, providing access to remittances even in small towns and growth points across the country. We want to ensure that everyone, everywhere has access to our service which offers a fast and convenient user experience, affordability and easy access to cash.”
“WorldRemit is 25% more affordable than the traditional players and banks. Our extensive cash collection network, flexible cash collection hours and lower fees, offer value for money to our customers. This proves us to be the most affordable means of sending money to Zimbabwe.” says Mujakachi.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer