Mukuru plans to double customers as it expands beyond remittances
Expansion · announcedMonday 26 October 2026
Mukuru plans to double its customer base across Southern Africa within three to five years as it moves into everyday digital payments, savings and credit. Paymentology is expanding its partnership with Mukuru to support the move beyond remittances.
A major remittance fintech moving into everyday banking products could compete directly with banks for low-income customers.
GoTyme Bank, formerly TymeBank, says it now serves more than 13 million customers and expects to become South Africa's third-largest bank by monthly active users in early 2027. The bank also plans investment products and digital-asset access, subject to regulatory approval, and reports net customer advances up 126 percent.
The Reserve Bank has proposed changes that would let non-banks provide payment services and make payment services interoperate. The proposals build on PayShap, which has processed more than one billion transactions since 2023.
Sanlam is building an app that brings GoTyme transactional banking, SanlamGoTyme credit, Boost rewards and Sanlam insurance into one offering. The app is positioned as a way to deepen customer relationships across banking and financial services.
