Mukuru launches new account and bank card in South Africa, expanding partnership with Paymentology

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Mukuru has launched a new account and bank card in South Africa, expanding its business from cross-border remittances to everyday financial services. The Mastercard account is backed by Bank Zero as the licensed sponsor bank, and supports receiving salaries and other EFT payments, making payments to South African bank accounts, online and in-store purchases, cash withdrawals, and remittances overseas. Around 500,000 Mukuru customers with prepaid cards can upgrade to the new account; Bank Zero provides the banking capabilities, while Paymentology provides card issuance and processing services.