Mukuru, an African focused remittance company, has recently launched a storecard in Zimbabwe in partnership with local retailers Halsteds and Electrosales. Mukuru users in South Africa will be able to send US Dollar credit onto a Mukuru Storecard for their recipient who can then use the card to shop at a discounted rate in partner stores. Both Halsteds and Electrosales give 5% of the purchase value back to the storecard user. The overall effect for sender is a minimum reduction in the remittance cost to 5%.
Another benefit of the card is that the recipient will not be able to get cash off the Mukuru Storecard. They will only be able to swipe the card in Mukuru Storecard partner stores. This gives the sender peace of mind knowing that the money sent is being used for the right purpose.
Any Mukuru user in South Africa can issue their recipient a storecard by selecting it as a collection option when sending money. Mukuru will then SMS instructions to the recipient informing them to collect the card from any Halsted or Electrosales branch in Zimbabwe. Further transfers to an existing Mukuru Storecard are instant and reflect on the card without the recipient having to do anything.
Michael Cook, Marketing Manager for Mukuru stated that this was only the start for the Mukuru Storecard.
“We are so excited to launch this product in conjunction with Halsteds and Electrosales. It represents real value for our clients and we hope it makes it easier for them to reach their building goals. But, this is just the start for the Mukuru Storecard. We are already in discussion with additional retailers to broaden the product offering.”