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Fintech Mukuru, has partnered with Thunes, a global payment network firm to expand its cross-border remittances reach in Nigeria followed by a roll-out to other countries including DRC, Ethiopia, Senegal and India.
According to a statement, the partnership will enable Mukuru to expand its reach and will connect users to Thunes’ global interoperable network which operates in more than 100 countries.
Thunes’ advanced technology streamlines the process of cross-border money transfer through a single API connection, resulting in greater speed and operational efficiencies.
Mukuru was launched in South Africa in 2010 as a joint venture with Inter-Africa, a Bureau de Change. The Thunes partnership is the latest for the company.
Over the years the company partnered with the likes of retail giant Shoprite/Checkers as payin/payout points and WorldRemit customers across territories where the company has its own booth and branch network.
The Fintech also partnered with Ozow which enables customers to make easy payments using the Mukuru App, and Flash aimed at senders in South Africa who can now send money to their loved ones by paying for their orders at any of Flash’s 175,000 vendors across South Africa.
Commenting, Mukuru CEO Andy Jury, said, “Our partnerships continue to be a source of both innovation and growth across our network, with our homegrown technology solutions continually evolving to meet the day-to-day needs of our customers.” Jury adds, “We meet customers wherever they are, which today includes a variety of both physical and digital touchpoints across Africa, Europe and Asia.”
Also commenting, Obey Itai Domingo, Thunes Business Development Director SADC, said: “Thunes is leading the way building a global cross-border payments network with real-time transaction processing. Our coverage across Africa, Europe, the Americas and APAC (Asia-Pacific) gives our customers the most accessible, fast, and reliable interoperable local payment solutions around the world.”
Mukuru says, the upheavals and opportunities of the last 12 months have highlighted the importance of strong payment system interoperability that enables the scalability of digital remittance channels.
The main point of congruence between Mukuru and Thunes is the use of technology that supports interoperability using highly automated, scalable platforms with modular APIs.
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