Why is sending money to Zimbabwe through Mukuru the cheapest way to wire money? How is it possible that you pay no fee, get an amazing rate, and your friends and family can receive cash instantly?  How does Mukuru work?

When you send money home through traditional banking systems, such as through Western Union or Moneygram, you are paying alone, for an individual, small transaction. The bank won’t give you a “bulk” discount, nor a good exchange rate. When you use Mukuru, they group all of their transactions for the day together, so that they only pay the fee ONCE. This doesn’t mean that your money isn’t transfered immediately (there is enough money flowing in these transactions, that the money is received immediately in Zim), but that Mukuru does their banking in bulk.

This means two things for you: over the course of a day, the fee that you would pay for one transaction is subsumed by Mukuru. One big fee for you is one small fee for Mukuru. And Mukuru can offer you a better exchange rate because they’re not paying huge fees either. Win-win-win!