Mukuru and Travelex Announce Strategic Alliance to Expand Cash Payout Options in South Africa
Mukuru (www.Mukuru.com), a leading next-generation financial services platform, has partnered with Travelex, a market leader in foreign exchange services, to expand cash payout options for remittance customers across South Africa. The partnership reinforces Mukuru’s capabilities to provide accessible, safe, and convenient services to millions of customers who depend on remittances for daily needs.
Positioned as a strategic alliance that will enhance reach to more customers, the partnership introduces Travelex as an additional payout channel within the Mukuru network. Customers can now access funds at any of Travelex’s 46 nationwide branches, strategically located in high-traffic, easily accessible areas. This wider footprint reduces travel time, eliminates traffic congestion, and ensures access to cash.
South Africa’s Bureau de Change (BdC) sector has a strong regulatory environment that supports this collaboration. The BdC framework ensures that payout networks are secure and reliable. BdC operators such as Travelex are supported by robust liquidity and strict compliance standards, ensuring that transactions are conducted securely and in line with national regulations. Additionally, on-site know-your-customer (KYC) processes safeguard customers and build trust.
For customers, the advantages of the partnership include access through an expanded branch network and speed and efficiency via reliable access to cash in trusted locations. Furthermore, the agreement reduces Mukuru’s reliance on single-channel payout solutions and can help build a more resilient and diversified ecosystem.
“Mukuru has always focused on creating impactful financial solutions to improve our customers’ lives,” said Yemurai Chatapura, Commercial Manager – Remittances at Mukuru. “This partnership extends that reach while upholding high standards of security, compliance, and service. The collaboration strengthens our payout network and commitment to accessible, inclusive financial services across South Africa.”
Marlize Van Der Schyff, Financial Director at Travelex, added, “Tourvest Financial Services t/a Travelex is excited to partner with Mukuru as we continue expanding our service offering. This partnership represents a natural alignment of strengths between our organisations. Together, we’ll bring customers a more powerful, seamless, and future-ready experience.”
This collaboration highlights Mukuru’s commitment to providing access to affordable financial services, especially for those sectors that rely on remittance inflows. With operations in over 50 countries and a growing customer base of millions, Mukuru is well-positioned for continued growth and expansion across the continent.
Distributed by APO Group on behalf of Mukuru.
Media Contact:
Rhett Delaney
rhett.delaney@mukuru.com
About Mukuru:
Mukuru is a leading next-generation financial services platform serving over 17 million customers across Africa, Asia and Europe. With more than 100 million transactions processed across 570+ corridors, Mukuru leverages technology to provide affordable, accessible financial services via both physical and digital channels. Recognised six times in the FXC Intelligence Top 100 Cross- Border Payment Companies, Mukuru is also an award-winning employer and innovation leader.
To learn more about Mukuru, visit www.Mukuru.com.
About Travelex:
Tourvest Financial Services, trading as Travelex, operates 53 branches across South Africa, including flagship locations at OR Tambo and Cape Town International Airports, providing comprehensive foreign exchange solutions to residents, foreign nationals, visitors and corporates. The company buys and sells 24 different currencies, offers foreign cash and secure multi-currency Cash Passport travel cards linked to Mastercard, supports international money remittances through Western Union and now Mukuru, and facilitates telegraphic transfers for travel-related land arrangements such as hotels, tours and transfers. As a SARB-licensed Authorised Dealer with Limited Authority, Tourvest is recognised for its strong focus on security, people, technology and service excellence, delivering convenient, safe and reliable currency solutions for modern travellers.
To learn more about Travelex, visit https://www.Travelex.co.za/
