Fintech provides remittance cash bonuses to the Malawian community

Malawi, 2 February 2022: Mukuru, a leading African remittances-focused fintech, has announced that they will be providing a bonus in the form of additional monetary support to Malawian recipients when they collect funds at any Mukuru Orange booth or branch. The bonus forms part of Mukuru’s ongoing mission to empower local communities in Africa through financial inclusion.

Data from the World Bank shows Malawi has received over 189 million US dollars from remittances in 2020 alone, an exponential increase compared to just over 39 million US dollars in 2016.

Charles Phiri, Malawi Country Manager at Mukuru, says, “The World Bank data indicates how people in Malawi have benefitted financially from remittance flows into the country over the last few years. With increasing pressures on families to pay for basic needs, especially during Covid-19, we have looked at how we can further support the communities in Malawi. The bonus will ensure people have extra money in their pockets for groceries, school fees, farming and airtime.”

Mukuru is just one of the Fintech’s on the rise in Malawi, and they distinguish themselves by the 600 Orange Booths and branches that serve communities in rural and metropolitan areas, the use of the latest web-based technologies and a customer base of over 10 million across Africa, Asia and Europe.

“Since inception, we have taken pride in the purpose underpinning remittance flows – the need to support families in the country of origin,” says Phiri. “We are driven by this purpose when we consider the needs of families in the different countries we serve. We are giving recipients who collect at our Orange Booths an additional 2% on the payout value of any Mukuru remittance to Malawi from South Africa, Zimbabwe, Zambia, Botswana, Lesotho and 5% for remittances received from the UK. For example, if a sender transfers K50 000 from any of the qualifying African countries, their loved ones in Malawi will receive K51 000, or they will receive K52 500 if a sender transfers money from the UK.”

It is not the first time Mukuru has given back to communities in Malawi – giving back is a part of the Mukuru DNA and supporting their customers. In November 2021, they ran a campaign giving cash rewards to the value of K10 million to support Malawian families with their farming needs during planting season.

For more information or if you would like to make use of the Mukuru remittance service, please visit Mukuru.com.