Mukuru, 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 Mukurus 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 Travelexs 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.
