ECP portfolio company Mukuru, an international money operator and remittance company, has acquiredZoona Malawi’s operational assets along with the technology systems that support its Malawian operations. Zoona, which has worked with Mukuru for four years as a trusted partner, is an Africa-based fintech that enables entrepreneurs to bring safe and reliable financial services to communities in Malawi. The acquisition will extend Mukuru’s African footprint into the urban centers and rurally across Malawi. Following the acquisition, Zoona Malawi’s agents will operate as Mukuru agents benefiting from a wider product range to offer customers backed by Mukuru’s trusted brand name. In addition, agents will increase their regional exposure by being part of the SADC regional network.
Innovative money transfer providers that leverage technology and global partnerships are accelerating financial inclusion across the continent by providing secure and accessible alternatives to informal players that operate illegally. “Mukuru is a strong and stabilizing presence in the markets and regions in which we operate, providing inflows vital to immigrants and central banks alike. We work closely with regulators and central banks in this highly regulated industry to lead in compliance and provide innovative products that are affordable and accessible to our customers,” says Andy Jury, CEO, Mukuru.
Paul Maasdorp, Managing Director at ECP, noted: “We are pleased to continue to support Mukuru’s rapid expansion and extensive reach through organic growth and acquisitions across the continent. Mukuru is an exciting, large fintech player that is leveraging its impressive technology platform and logistics capabilities to rapidly formalize informal channels and provide an affordable, safe alternative to risky informal remittance channels.”
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