Mukuru Rides Mobile Money Boom for African Growth

Mukuru, the Zimbabwe-founded fintech platform, is capitalising on Africa’s booming digital finance sector, processing between $3.5 billion and $4 billion in annual payments. Originally launched in 2004 as an international airtime seller, the company has evolved into a major player in Africa’s mobile money ecosystem.

“We are scaling up rapidly,” said Mukuru CEO Andy Jury in an interview with a media outlet. “Customers have become more comfortable using digital means, networks, and infrastructure.”

This rapid shift aligns with Africa’s dominance in mobile banking. Sub-Saharan Africa alone accounts for nearly 50% of the world’s mobile money users, handling $2.5 billion in daily transactions. In Ghana, electronic transfers surged by 51.76% in 2024, hitting $196.7 billion—a clear sign of mobile finance’s growing influence.

Digital Transactions Fuel Mukuru’s Growth

Mukuru’s operations have adapted to this transformation, with digital transactions now making up two-thirds of its payments, up from 40% just four years ago. To meet rising demand, the company launched a digital wallet in Zimbabwe in January 2025, offering local and international transfers, free cashouts, and payment services.

This follows a similar rollout in Malawi, where over 12 million people rely on mobile money for daily transactions. As traditional banking struggles to reach rural and underserved areas, fintech solutions like Mukuru are stepping in to bridge the financial gap.

The Roadblocks to Expansion

Despite its success, Mukuru faces challenges in scaling across Africa. The lack of a unified regulatory framework forces companies to navigate complex, country-specific policies, making it harder to achieve large-scale integration.

Jury emphasised the difficulty of operating in such a fragmented environment, describing it as trying to “knit together the puzzle pieces of 54 nation-states.”

Interoperability between mobile money platforms is another pressing issue. Without seamless connections between digital wallets and bank accounts, remittance costs remain high. In 2023, the global average cost of sending $200 stood at 6.3%, but in Africa, it climbed as high as 27%.

Although Mukuru is now licensed in 50 territories, Jury noted that it took nearly two decades to achieve this reach, a testament to the regulatory complexities of Africa’s financial landscape.

The Future of Mukuru in Africa’s Fintech Space

For Mukuru and other fintechs, the key to long-term success lies in shaping Africa’s financial ecosystem. By overcoming regulatory challenges and improving interoperability, the company aims to solidify its position in a rapidly expanding market.

As Africa continues its transition into a mobile-first economy, Mukuru’s growth story highlights both the immense opportunities and the intricate realities of operating across the continent’s diverse financial landscape.