According to a video posted on YouTube, the new product addresses the need by migrants to have regular bank accounts in South Africa. Migrants, apparently, find it hard to ‘open’ a bank account in SA, which then makes it difficult to transfer money securely to relatives in the greater Southern Africa region.
The new debit card costs R25 and an account can be opened at Inter Africa stores in South Africa. Mukuru services available through the card include regional remittances via a cellphone. Using a mobile phone to transact, the video says, is actually available to Mukuru customers already even without the debit card. In Africa, so far Mukuru customers are able to send money to Zimbabwe, Malawi, Zambia and Nigeria.
In Zimbabwe recipients can collect their money countrywide at banks like CABS, CBZ and Banc ABC, as well as standalone Mukuru pay-out partners.
Here’s the video announcing the new card:
Started as a convenient way for Zimbabweans in the Diaspora to send commodities to their families back home in Zimbabwe, Mukuru evolved after Zimbabwe’s hyperinflation era into a fully fledged international money remittance service with a special focus on recipients in emerging markets of Africa and South America.
22 comments
Im actually glad Mukuru is evolving…I remember using them back in the 2008 era to pay for DSTV aswell as actually get hard to get groceries for a wedding! I however do think their time in the Zim market is coming to a close as we ourselves are evolving with both traditional and innovative banking, eco-cash etc…however if they continue to target other African countries that are early in development then they should have solid business for many years to come.
My sister has struggled for months to get a bank account in South Africa, and needs to send money back to our mother in Zimbabwe. This is a welcome product and I think it will do pretty well.
Which money transfer Service offers the best exchange rate for remittance to Zimbabwe?
Hi
Send cash home with Hello Paisa they only charge 5% – R5 for every R100 you send. They also have thousands of pay in point across south africa.
http://www.hellopaisa.co.za/
your should match Western Union rates, your 10% fixed charge is expensive, to send 10000 i need to pay 1000 if i do it mukuru ways but if done via Western union i paid a mere 42USD which is less than half your charges. This may end up being a platform for illegal emigrants because from then i go straight to western union. More so with that 10% you need to wait for approximately 6hrs in the queue to send money then the recipient will wait for 8hrs to get the money. Something must be worked out, ie, increase outlets coupled with reduced rates, if you cant, then you will be a closed chapter very soon when eco cash comes to our rescue.
Bank renyu zvinofamba sei unogona kurishandisa here yeaccount yekubasa kana kuti ndere kungo sender mari chete?
[…] like WorldRemit have partnered up with local mobile money provider EcoCash. There’s the Mukuru MasterCard that allows those in the diaspora to quickly send you money by loading it onto a card that they […]
[…] entrants like WorldRemit have partnered up with local mobile money provider EcoCash. There’s the Mukuru MasterCard that allows those in the diaspora to quickly send you money by loading it onto a card that they […]
A lot more ways to send $ to zim. i find this one the quickest. I just log on to my fnb banking platform and send to zim. no bank qs no what what: https://www.fnb.co.za/ways-to-bank/zim-money-transfer.html
[…] feature phones enables users of the service to send money track money transfer transactions, do card balance enquiries, buy airtime for friends and chat with both other Mukuru users and Mukuru […]
i want 2 open an account
contact Thamsanqa on 0738174361
why your bank cant work to pay for studies
I would like to apply for the card and I live in Randburg. Is there an interAfrica shop in the place.
I need to open account
I need to Open an account
contact me on 0738174361
want to open an account, am in Soshanguve Pretoria
contact Thamsanqa on 0738174361
contact Thamsanqa 0n 0738174361
I need to apply for a card I stay in port Elizabeth how do I go for it
Need. To open an account asap ppliz