ECP portfolio company acquires Zoona Malawi’s operational assets
Posted on: 12 May, 2020 at 6:19 PM
Private equity firm Emerging Capital Partners (ECP) has announced that its portfolio company Mukuru, an international money operator and remittance company, has acquired Zoona Malawi’s operational assets along with the technology systems that support its Malawian operations. Zoona, which has worked with Mukuru for four years as a partner, is an Africa-based fintech that enables entrepreneurs to bring safe and reliable financial services to communities in Malawi.
The acquisition will extend Mukuru’s African footprint into the urban centres and rurally across Malawi. Following the acquisition, Zoona Malawi’s agents will operate as Mukuru agents benefiting from a wider product range to offer customers.
Innovative money transfer providers that leverage technology and global partnerships are accelerating financial inclusion across the continent by providing secure and accessible alternatives to informal players that operate illegally. “Mukuru is a strong and stabilising presence in the markets and regions in which we operate, providing inflows vital to immigrants and central banks alike. We work closely with regulators and central banks in this highly regulated industry to lead in compliance and provide innovative products that are affordable and accessible to our customers,” says Andy Jury, CEO of Mukuru.
Paul Maasdorp, managing director at ECP, noted, “We are pleased to continue to support Mukuru’s rapid expansion and extensive reach through organic growth and acquisitions across the continent. Mukuru is an exciting, large fintech player that is leveraging its impressive technology platform and logistics capabilities to rapidly formalise informal channels and provide an affordable, safe alternative to risky informal remittance channels.”
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