Mukuru Expands Across Africa, Riding the Mobile Money Boom

Africa’s mobile money sector is experiencing unprecedented growth, transforming the continent’s financial landscape. With Sub-Saharan Africa accounting for 50% of global mobile money accounts and daily transactions exceeding $2.5 billion, fintech companies are aggressively expanding to capture this evolving market.

Among them is Mukuru, a pan-African digital payments firm, which now serves 17 million users across Africa, Asia, and Europe, processing between $3.5 billion and $4 billion annually in Africa alone. However, while fintech adoption is soaring, regulatory challenges, interoperability issues, and high remittance costs continue to slow down seamless financial integration across the continent.

“We are scaling up rapidly,” said Mukuru CEO Andy Jury. Customers have become more comfortable using digital means, networks, and infrastructure.”

Can Mobile Money Replace Cash in Africa?

While mobile money is rapidly gaining traction, the notion of a fully cashless Africa remains uncertain. Digital payments dominate in cities, but rural areas still face network limitations, low digital literacy, and unreliable electricity, making full adoption challenging. Some governments actively promote digital finance, while others impose strict regulations or additional levies on mobile money transactions, slowing adoption.Also,  Fintech players like M-Pesa, OPay, and Chipper Cash continue to expand, increasing consumer choice but also heightening competition for dominance.

Mukuru, like its competitors, is adapting to these realities. In January 2025, it launched a digital wallet in Zimbabwe, offering free cashouts, international transfers, and basic payment services—a move in line with Africa’s growing demand for integrated financial tools. This follows its earlier expansion in Malawi, where over 12 million people already rely on mobile money.

The Road Ahead

Africa’s mobile money boom is undeniably reshaping finance, but regulatory barriers and structural inefficiencies remain the biggest hurdles to widespread adoption.

For fintech firms, the key to sustainable expansion will be regulatory collaboration, improved interoperability, and cost reductions. As Africa’s financial landscape continues to evolve, companies that successfully address these challenges will be the ones that define the future of digital payments across the continent.