Mukuru wants Botswana’s phones to do more than receive and send money
For consumers who have traditionally received money through remittances or mobile wallets before cashing it out, the card removes a step: the money can remain digital and be spent directly.
Botswana boasts mobile connectivity of nearly 166%, meaning roughly 4.2 million phone connections for its population of 2.5 million. However, an estimated 38% of adults remain unbanked. Mukuru, a digital financial services and remittance company, aims to bridge this gap with its new Companion Card, launched in August. The Visa-branded card is directly linked to the Mukuru Wallet, enabling customers to spend their wallet balance at merchants without transferring funds into a traditional bank account.
The card can be used for everyday purchases such as groceries, transport, utilities, school fees, and online shopping wherever Visa is accepted. Mukuru's Country Manager, Thembani Moyo, explained that the Companion Card builds upon customers' trust in the Mukuru Wallet, offering a convenient way to utilize it for real-world transactions.
Visa's Country Manager, Amon Magunje, highlighted that the partnership signals Botswana's payments market is maturing beyond a simple cash-versus-remittances dynamic. The card removes a step for customers accustomed to cashing out remittances or mobile-wallet balances by allowing them to spend digitally. Merchant payments in Botswana have grown 42% to $155 billion in 2025, the fastest-growing mobile-money use case, according to GSMA data.
Visa already collaborates with Botswana's three mobile network operators and supports over three million Visa cards through 10 financial institutions. However, Magunje believes the next phase of payments growth will stem from fintechs and wallet providers reaching customers that banks have not yet accessed. Access Bank's Alliance and Partnerships Manager, Mbatshi Masalila, noted that innovations like digital wallets and companion cards are accelerating the industry's focus on accessibility and convenience.
Traditional banks offer capabilities that wallets may not, such as savings, credit, investments, risk management, and balance-sheet strength. However, fintechs, mobile operators, and payment networks can each play a distinct role in the financial ecosystem.
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