The Challenge
International money operator and remittance company Mukuru offers a convenient and low-cost way to make mobile payments. This service increases financial inclusion for underserved consumers in sub-Saharan Africa. The company’s leadership wanted to expand through a combination of organic growth and acquisitions across Africa. Mukuru turned to Zoona Malawi, a financial technology company that provides financial services through its own mobile money platform. Zoona was planning to exit the market for individual consumers and focus on its business-to-business service offerings. Mukuru was in the market for a Malawian network to acquire, but needed more information on the competitive landscape in Malawi and the value proposition to customers in the country.
Our Solution & Impact
Recognizing the opportunity to boost both financial inclusion and U.S. investment in Africa, Mukuru utilized Prosper Africa transaction advisory support from the U.S. Agency for International Development (USAID). With this support, Mukuru was able to attract investment from a leading U.S.-based private equity firm, securing the capital it needed to acquire Zoona’s Malawi assets.
