Paymentology has confirmed it powers Mukuru’s account and card in South Africa, expanding a partnership that began with Mukuru’s prepaid cards.
Mukuru launched the Mastercard-enabled Mukuru Account & Card in South Africa in October 2026, with Bank Zero as the licensed sponsor bank. Paymentology provides the issuing and processing platform behind the product, which lets customers receive salaries and other EFT payments, pay South African bank accounts, shop online and in stores, withdraw cash, and continue sending money across borders. The product combines everyday banking with the remittance services Mukuru has offered for more than two decades.
From prepaid cards to accounts
Paymentology’s role builds on an existing relationship between the two companies. Paymentology previously supported Mukuru’s prepaid card programme in South Africa, which helped the fintech extend digital financial services to customers who have traditionally relied on cash. Around 500,000 Mukuru customers already hold a prepaid card and can now move to the new account, which offers broader functionality, higher monthly spending limits, EFTs, and immediate payments to South African banks.
The product also draws on Paymentology’s alliance with Bank Zero, formed in April 2026, which combines Bank Zero’s digital banking capabilities and local market knowledge with Paymentology’s card issuing and processing technology. The model allows businesses such as Mukuru to launch financial products without building the underlying banking and payments capabilities themselves.
Connecting daily payments and remittances
Kesheni Moodley, Regional Director for Africa at Paymentology, stated that working with Mukuru has given the company close insight into its development and its impact on how people across Africa access and move money. According to Moodley, the launch brings together how people manage money day to day and how they support family and communities across borders, combining Mukuru’s customer knowledge, Bank Zero’s banking capabilities, and Paymentology’s processing expertise.
Andy Jury, CEO of Mukuru, described the launch as an important next step, noting that customers have relied on Mukuru for more than 20 years to move money across borders, and that the company now has the opportunity to support more of their everyday financial lives. Mukuru’s network includes more than 320,000 locations offering its services or cash-in and cash-out facilities, allowing customers to move between cash and digital finance. According to the companies, the launch reflects a wider move among African fintechs from single products, such as remittances or prepaid cards, towards broader financial services built around their customers.
