Mukuru and Travelex Announce Strategic Alliance to Expand Cash Payout Options in South Africa
Customers can now access funds at any of Travelex's 46 nationwide branches, strategically located in high-traffic, easily accessible areas
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JOHANNESBURG: Mukuru (www.Mukuru.com), a leading next-generation financial services platform, has partnered with Travelex, a market leader in foreign exchange services, to expand cash payout options for remittance customers across South Africa. The partnership reinforces Mukuru's capabilities to provide accessible, safe, and convenient services to millions of customers who depend on remittances for daily needs.
Positioned as a strategic alliance that will enhance reach to more customers, the partnership introduces Travelex as an additional payout channel within the Mukuru network. Customers can now access funds at any of Travelex's 46 nationwide branches, strategically located in high-traffic, easily accessible areas. This wider footprint reduces travel time, eliminates traffic congestion, and ensures access to cash.
South Africa’s Bureau de Change (BdC) sector has a strong regulatory environment that supports this collaboration. The BdC framework ensures that payout networks are secure and reliable. BdC operators such as Travelex are supported by robust liquidity and strict compliance standards, ensuring that transactions are conducted securely and in line with national regulations. Additionally, on-site know-your-customer (KYC) processes safeguard customers and build trust.
For customers, the advantages of the partnership include access through an expanded branch network and speed and efficiency via reliable access to cash in trusted locations. Furthermore, the agreement reduces Mukuru's reliance on single-channel payout solutions and can help build a more resilient and diversified ecosystem.
“Mukuru has always focused on creating impactful financial solutions to improve our customers' lives,” said Yemurai Chatapura, Commercial Manager – Remittances at Mukuru. “This partnership extends that reach while upholding high standards of security, compliance, and service. The collaboration strengthens our payout network and commitment to accessible, inclusive financial services across South Africa.”
Marlize Van Der Schyff, Financial Director at Travelex, added, “Tourvest Financial Services t/a Travelex is excited to partner with Mukuru as we continue expanding our service offering. This partnership represents a natural alignment of strengths between our organisations. Together, we’ll bring customers a more powerful, seamless, and future-ready experience.”
This collaboration highlights Mukuru’s commitment to providing access to affordable financial services, especially for those sectors that rely on remittance inflows. With operations in over 50 countries and a growing customer base of millions, Mukuru is well-positioned for continued growth and expansion across the continent.
Distributed by APO Group on behalf of Mukuru.
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