18 August 2017
Find out more

UK SMS-based coupon remittance service for Zimbabweans goes global

20 November 2008  |  8293 views  |  0 mobile keypad

Mukuru, an inflation-busting SMS-based coupon remittance programme for ex-pat Zimbabweans living in the UK, is expanding globally through an alliance with e-payments outfit Moneybookers.

Set up by UK-based Zimbabweans in 2004 with its first transfers in 2007, Mukuru allows ex-pats to remit value to friends or relatives through their mobile phone.

The service delivers text message coupons to recipients which can be redeemed for actual goods across a network of local stores, banks and petrol stations.

This enables them to bypass the Zimbabwe dollar and therefore hyperinflation, which is running at over 13.2 billion per cent a month, according to an index from the Cato Institute in Washington.

The Mukuru service has 20,000 subscribers with 1500 new customers joining every month and 400 transactions processed a day.

But Mukuru's managing director, Rob Burrell, says growth has been restricted by the number of countries it can accept payments from and the range of transaction methods.

The service is now being widened through a partnership Moneybookers which means payments can be sent online and via SMS in 35 different currencies, including euros, rand, US dollars, Canadian dollars and New Zealand dollars.

"Setting up bank accounts in each country individually would have been an expensive and laborious process, but thanks to the unique network of local European payment systems that Moneybookers provides, we have effectively transformed ourselves into a global organisation overnight," says Burrell.

Mukuru can also be used to send money to recipients in Botswana, Ghana, Kenya, Malawi, Nigeria, South Africa and Zambia.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Western Union to extend mobile remittance network with Orascom

Western Union to extend mobile remittance network with Orascom

20 October 2008  |  8395 views  |  0 comments
Absa introduces mobile money transfer via ATM network

Absa introduces mobile money transfer via ATM network

14 August 2008  |  22444 views  |  0 comments | 3 linkedin
G&D halts banknote exports to Zimbabwe

G&D halts banknote exports to Zimbabwe

02 July 2008  |  5425 views  |  0 comments
Mobile banking projects launched in Africa and Latin America

Mobile banking projects launched in Africa and Latin America

07 May 2008  |  10319 views  |  0 comments
Nacha warns on remittance rule change

Nacha warns on remittance rule change

19 March 2008  |  7071 views  |  0 comments
Monitise launches mobile remittance system

Monitise launches mobile remittance system

12 February 2008  |  10288 views  |  0 comments
Western Union and Bharti Airtel to pilot mobile remittance system

Western Union and Bharti Airtel to pilot mobile remittance system

30 November 2007  |  9010 views  |  0 comments
Remittances rise in Latin America; Swift looks to tap global market

Remittances rise in Latin America; Swift looks to tap global market

23 August 2006  |  9584 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10437 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8595 views comments | 1 tweets | 3 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
6899 views comments | 16 tweets | 22 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
6338 views comments | 20 tweets | 22 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job