PODCAST | Africa’s growing cross-border fintech market

Africa’s growing cross-border money transfer market is the focus of this edition of the Business Day Spotlight. 

Our host Mudiwa Gavaza is joined by Tendai Tizirai, market development manager at Mukuru.

Mukuru is a financial technology (fintech) platform in Southern Africa that specialises in cross-border payments and remittances. It has a customer base of more than 13-million across 50 countries in Africa, Asia and Europe.

The movement of people and goods on the African continent, as well as a push for greater regional trade, is creating the need for simpler and more affordable forms of payment.

Tizirai says cross-border transfers in Africa are estimated at between $300bn and $500bn.

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As a means to capture the market, she explains that Mukuru offers various payment methods including cash, card and e-wallets. It also offers a range of engagement platforms including WhatsApp, USSD, a contact centre, an app, its website and agents at its branch and booth network.

The discussion includes the state of remittances on the continent; regulations and how money is flowing in Africa; the importance of financial inclusivity; a closer look at Mukuru’s new naira bank top-up feature; and the benefits of simplifying the money-transfers process.

Tizirai also explains the differences in how customers in SA and across Africa use financial technology, and how the company is working to future-proof its platform. 

Business Day Spotlight is a TimesLIVE Production.