More cash payout options in SA
South African financial services platform Mukuru has partnered with foreign exchange services company Travelex to expand cash payout options for remittance customers across South Africa.
Positioned as a strategic alliance that will increase access to the service for customers who depend on remittances for daily needs, 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.
The collaboration is supported by South Africa’s Bureau de Change (BdC) sector, which is recognised as having a strong regulatory environment that helps ensure that payout networks are secure and reliable.
BdC operators such as Travelex are said to be 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 processes are designed to safeguard customers.
Advantages of the partnership include greater customer access through an expanded branch network and improved access to cash in trusted locations.
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,” says Mukuru commercial manager: remittances Yemurai Chatapura.
“Tourves Financial Services, trading as Travelex, is excited to partner with Mukuru as we continue expanding our service offering. This collaboration [provides] access to affordable financial services, especially for those sectors that rely on remittance inflows,” adds Travelex FD Marlize Van Der Schyff.
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