Mukuru, a leading fintech firm, has made history as the first remittance company in Africa to offer direct bank account payouts in Nigeria. The newly launched Naira bank top-up feature aims to simplify the remittance process for immigrants by eliminating the need to convert USD to Naira.
Nigeria, being the largest recipient of remittances in Sub-Saharan Africa and the fourth largest globally, stands to benefit greatly from this innovative solution. In 2022 alone, inbound remittance flows to Nigeria were estimated at $21 billion, according to the Global Money Transfer Index published by Western Union.
The introduction of Mukuru’s Naira bank top-up product is a strategic move to address the pain points experienced by customers. By leveraging its technology platform and collaborating with in-country partners, Mukuru connects to 16 banks in Nigeria through a single application programming interface integration, ensuring seamless and immediate fund transfers.
To utilize this feature, customers can easily sign up through various channels including WhatsApp, the Mukuru mobile app, or by engaging with field ambassadors. Once registered, customers can create an order and make payments through a range of convenient options such as retail partners, Mukuru locations, or banks.
The funds are swiftly deposited into the recipient’s Naira bank account, enabling safe, convenient, and fast transactions. Tendai Tizirai, Market Development Manager at Mukuru, emphasizes the significance of offering Naira payouts to address the Nigerian remittance and payments landscape. This service aims to eliminate the need for consumers to resort to informal markets with uncertain security and time delays.
With the introduction of the Naira bank top-up feature, Mukuru is revolutionizing the remittance industry in Nigeria, providing immigrants with a reliable and efficient solution for sending money back home.