Mukuru has launched its new Account and Card in South Africa, building on a longstanding partnership with Paymentology.

The product moves the remittance specialist beyond cross-border transfers, its core business for more than two decades, into everyday financial services.

Offered with Bank Zero as the licensed sponsor bank, the Mastercard-enabled account lets customers receive salaries and other electronic funds transfer (EFT) payments.

They can also pay into South African bank accounts, shop online and in-store, withdraw cash and send money abroad.

Paymentology previously supported Mukuru’s prepaid card programme in South Africa, which extended digital financial services to customers who have traditionally relied heavily on cash.

Around 500,000 Mukuru customers hold a prepaid card and can now upgrade to the new account, which offers broader functionality and a higher monthly spending limit.

Earlier this year, Paymentology became Bank Zero’s first alliance partner.

Under the model, Bank Zero provides banking capabilities while Paymentology supplies card issuing and processing.

This allows businesses such as Mukuru to launch financial products without building their own banking and payments infrastructure.

“Our role is to give partners the technology and flexibility to turn ideas into products that work at scale,”

said Kesheni Moodley, Regional Director for Africa at Paymentology.

“Our customers have trusted us for more than 20 years to help them move money across borders, and we now have the opportunity to support much more of their everyday financial lives,”

said Andy Jury, CEO at Mukuru.

Featured image: Edited by Fintech News UAE, based on image by Paymentology via its website and mrsiraphol via Magnific.