According to the Chief information officer (CIO) of Mukuru, Sandy Rheeder, the majority of the recipients of money on the company’s fintech platform are women. The company has seen over 100 million transactions since its founding in 2011, operating across 60 countries.
It was revealed last year that most South African people use some form of fintech.
“55% of the people who receive money through Mukuru are women. Our research shows that most of this money is used for basics such as food, medicine and education,” explains Reeder.
“This is the power of fintech in providing women on the continent, many of whom are also breadwinners in addition to managing their households, with the tools needed to actively partake in the economies where they live and work.”
Reeder says Mukuru has been developing educational programmes across its countries of operating to show women who use its platform how they can send and receive money. The company wants to show women that its platform can be used for more.
“As a next-generation fintech platform, Mukuru helps its customers – millions of whom are women – evolve from living in a cash-only world to one where they understand and use a digital store of money, to the eventual uptake of further products and solutions such as the ability to pay for goods and services, earn interest through savings, and take out insurance policies,” the company adds in an emailed statement.
Fintech education across Africa
Mukuru’s Chief people officer, Savina Harrilall, says that despite the uptake in its fintech across the African continent, technology is a traditionally male-dominated industry. She says that more work needs to be done, starting at home, to support the financial inclusion of women through technology.
“We have many initiatives underway as an organisation with the objective of empowering our people, as well as investing in the community. Our leadership development programme this year has significant female representation as compared to previous cohorts,” adds Harrilall.
Mukuru has a business bursary campaign ongoing designed to promote and grow young Africans, especially young women, in the tech industry. It also offers learnerships like the Sunbeamer Learnership 2024 programme, a 12-month learning and workplace experience designed to help support talented young women.
The company also has running partnerships with the likes of WeThinkCode_, which saw Mukuru-sponsored young women involved in its SheHacks Hackathon event.
“It is important that businesses practise what they preach,” says Harrilall.
Financial inclusion and the gender gap
Mukuru’s executive for licenses and payment regulation says she joined the company because it seeks to develop more solutions to include unbanked and underserved communities in Africa. While this has the potential to make economies more inclusive, it benefits the African fintech platform by folding in new customers too.
Her name is Nikki Kettles and she was recently appointed as a brand ambassador to a programme called Woman in Payments Africa.
“Women in Payments is a dynamic platform for female leaders in the payments industry to connect and share experiences. We’re dedicated to celebrating the indispensable contribution of women in payments, throughout history and in today’s landscape. Our mission is to amplify the voices of women, champion their achievements, and advocate fervently for gender parity,” she says, adding that financial inclusion is a crucial step to creating equity between genders.
[Image – Provided]
