(Ecofin Agency) - Fintech Zoona, specialized in the development of technological payment solutions, sold its operations in Malawi to Mukuru, the international cash transfer firm in Africa and Asia, for an undisclosed amount. This acquisition will broaden the scope of Mukuru’s operations, strengthening its footprint in Malawi. The cash transfer company intends to improve access to its services for rural populations.
“Mukuru empowers Africa’s financially underserved migrant workers to be included in the formal financial ecosystem and to move money in a convenient, safe, and affordable way. This acquisition will bring the benefits of our extensive products and cutting-edge technology to the citizens of Malawi - giving them better options and safe mechanisms to send money to loved ones and ultimately uplift their communities,” said Andy Jury, Mukuru’s CEO.
Following the acquisition, Zoona Malawi's agents will automatically become employees of Mukuru. Mukuru has not only acquired the technology systems that support Zoona's operations in Malawi, but the company has also acquired its operating assets.