Botswana has a phone in almost every hand, but millions of adults remain outside the formal banking system
The country has mobile penetration of about 166%, equivalent to roughly 4.2 million connections for a population of 2.5 million. Yet an estimated 38% of adults remain unbanked.
Turning that connectivity into an account people can actually use to receive, store, and spend money is where Mukuru, a digital financial services and remittance company, believes its new Companion Card comes in.
Launched in Botswana in August, the Visa-branded card is linked directly to the Mukuru Wallet, allowing customers to spend their wallet balance at merchants without first transferring money into a traditional bank account. Customers can use it for groceries, transport, utilities, school fees and online purchases wherever Visa, the global digital payments network, is accepted.
For consumers who have traditionally received money through remittances or mobile wallets before cashing it out, the card removes a step: the money can remain digital and be spent directly.
