Zoona, a South African fintech startup now remaining with operations in Mozambique and Zambia has sold its Malawian operational assets to its competitor (Mukuru) in order to exit the over-the-counter money transfer service product. Zoona is a fintech company that enables young entrepreneurs to bring safe and reliable financial services to underserved communities in the African countries of operation. The company intends to focus on its business-to-business payments facilitation financial services.
Mukuru is UK based digital international money transfers company that facilitates remittances in Africa and Asia. Since its establishment in 2006, Mukuru has provided remittance services to following countries in Africa (Botswana, Cameroon, DRC, Ethiopia, Ghana, India, Kenya, Lesotho, Malawi, Mozambique, Namibia, Nigeria, Zambia and Zimbabwe) and in Asia (Bangladesh Pakistan and India). The company will take over all operating assets owned by Zoona in Malawi and the acquisition amount agreed was not disclosed.