McKinsey Africa podcast with Mukuru CEO Andy Jury

credit: leftcoastgrassfed

About 57% of Africa's 95 million people are still unbanked, and one startup is trying to change that.

In a podcast with McKinsey & Co., CEO Andy Jury says his company, Mukuru, is trying to "democratize financial services" on the continent by using technology to make it easier for people to send money back to their homelands.

The idea is to reduce the time it takes for a person to send money from one place to another, as well as the cost of doing so.

"The vast majority of financial transactions on the African scene happen in informal markets," Jury says.

"So if we were trying to sort of take our customers on an elevator, limited physical banking, falling data costs, an increasingly favorable regulatory environment, and of course, COVID-19 has had a significant impact on uptake of digital banking, as lockdown measures encouraged the shy to go online."

Jury says Mukuru has processed more than a hundred million transactions since it was founded in 2004, and it plans to expand into other markets in Africa in the next few years.

(The US has the world's biggest bank.)

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