Mukuru, an international money transfer based in Africa and Asia has acquired Fintech Zoona. Fintech Zoona which offers tech-supported payment services sold its Malawian operational assets and technology system to Mukuru.
The money transfer firm acquired Zoona for an undisclosed amount. The acquisition is set to see Mukuru’s service delivery become better and command a wide pool of customers in Malawi.
Mukuru has partnered with Zoona for four years and that means Zoona’s workers will move to work with Mukuru following the acquisition.
Strong operations and money transfer accessibility
The cash transfer firm will see its operations become stronger and more rooted in Malawi. Its money transfer services will be more accessible to businesses and individuals.
Part of the startup’s goal is to enable ordinary citizens to send and receive money to their loved ones in an affordable and safe way. Africa’s underserved foreign workers are well taken care of as they can be part of the formal financial system.
Mukuru which began operation in 2004 has since built a strong brand name and won customer trust. Zoona’s agents based in Malawi will enjoy all this credit. This means that they have more products to sell to their existing customers and those of Mukuru. They will, however, serve under the Mukuru umbrella.
The new acquisition is not only a win for Mukuru but also Zoona’s agents who will be Mukuru’s agents. Over time, they are likely to pocket a larger token boosted by a wider geographical coverage.