Mukuru, one of the largest international money operators and remittance companies in Africa, has announced that it has acquired Zoona’s operational assets in the country along with the technology systems that support its operations.
Mukuru did not reveal how much it paid to acquire Zoona’s Malawian technology systems or assets, according to ventureburn.com
According to the company’s LinkedIn profile, Mukuru’s headquarters are in Cape Town and it was founded in 2004. US based Emerging Capital Partners is one of the company’s key investors.
Zoona, which has worked with Mukuru for four years as a partner, is an Africa-based fintech that enables entrepreneurs to bring safe and reliable financial services to underserved communities in Malawi and elsewhere.
In a statement on Wednesday, Mukuru chief executive officer Andy Jury said the acquisition will extend Mukuru’s African footprint deep into the urban and rural areas across Malawi.
“This acquisition will bring the benefits of our extensive products and cutting-edge technology to the citizens of Malawi,” he said.
In addition, agents will benefit from being part of the Southern African Development Corporation (Sadc) regional network, increasing their earnings.