Mukuru, a leading next-generation financial services platform, has partnered with Travelex, a market leader in foreign exchange services, to expand cash payout options for remittance customers across South Africa. The partnership reinforces Mukuru’s capabilities to provide accessible, safe, and convenient services to millions of customers who depend on remittances for daily needs.
Positioned as a strategic alliance that will enhance reach to more customers, the partnership introduces Travelex as an additional payout channel within the Mukuru network. Customers can now access funds at any of Travelex’s 46 nationwide branches, strategically located in high-traffic, easily accessible areas. This wider footprint reduces travel time, eliminates traffic congestion, and ensures access to cash.
South Africa’s Bureau de Change (BdC) sector has a strong regulatory environment that supports this collaboration. The BdC framework ensures that payout networks are secure and reliable. BdC operators such as Travelex are supported by robust liquidity and strict compliance standards, ensuring that transactions are conducted securely and in line with national regulations. Additionally, on-site know-your-customer (KYC) processes safeguard customers and build trust.
For customers, the advantages of the partnership include access through an expanded branch network and speed and efficiency via reliable access to cash in trusted locations. Furthermore, the agreement reduces Mukuru’s reliance on single-channel payout solutions and can help build a more resilient and diversified ecosystem.
“Mukuru has always focused on creating impactful financial solutions to improve our customers’ lives,” said Yemurai Chatapura, Commercial Manager – Remittances at Mukuru. “This partnership extends that reach while upholding high standards of security, compliance, and service. The collaboration strengthens our payout network and commitment to accessible, inclusive financial services across South Africa.”
Marlize Van Der Schyff, Financial Director at Travelex, added, “Tourvest Financial Services t/a Travelex is excited to partner with Mukuru as we continue expanding our service offering. This partnership represents a natural alignment of strengths between our organisations. Together, we’ll bring customers a more powerful, seamless, and future-ready experience.”
This collaboration highlights Mukuru’s commitment to providing access to affordable financial services, especially for those sectors that rely on remittance inflows. With operations in over 50 countries and a growing customer base of millions, Mukuru is well-positioned for continued growth and expansion across the continent.
Africa Fact: In central Nigeria, West Africa’s oldest civilisation flourished between 1000 BC and 300 BC. Discovered in 1928, the ancient culture was called the Nok Civilisation, named after the village in which the early artefacts were discovered. Two modern scholars, declare that “[a]fter calibration, the period of Nok art spans from 1000 BC until 300 BC”. The site itself is much older going back as early as 4580 or 4290 BC.
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South Africa is the second largest economy on the continent, only exceeded by Nigeria, which has more than three times the population size. Over the past decade, South Africa has experienced rapid change and is ranked by the World Bank as an “upper middle-income country”. Of the more than 400 companies on the continent earning more than $1bn annually, about half are in South Africa. The country is nevertheless highly divided, with a large part of the population living in poverty. The division makes South Africa an interesting economy with possibilities in many segments. The country have well-developed infrastructure and world-class financial sector to support business activities, and is one of the highest ranking African countries on the ease of doing business index.