Mukuru launches Visa Companion Card for wallet spending in Botswana

Mukuru has launched a Visa-branded Companion Card linked to its Mukuru Wallet in Botswana, allowing wallet holders to spend money directly at any Visa-accepting merchant without first transferring funds into a traditional bank account. The card works across all mobile networks and aims to reduce trips to cash‑out points while expanding cashless payment options for everyday purchases such as groceries, transport, utilities, school fees and online shopping.

The launch highlights a broader shift in African financial inclusion: Botswana’s 2024 FinScope survey shows 94% of adults own a mobile phone and 75% use mobile money, yet only 58% hold a bank account, leaving 42% unbanked. Despite this, 94% are financially included when mobile money and other formal/informal services are counted, indicating that many Nigerians and West Africans already manage money outside conventional banking.

The Bank of Botswana’s 2024 Banking Supervision Report notes that mobile wallets can store, send, receive money, pay bills and create pathways to credit and insurance, suggesting wallets can be standalone financial products rather than stepping stones to banks. Similar trends are seen elsewhere—MTN Group Fintech’s MoMo platform processed over 13 billion transactions worth more than $330 billion in the first half of 2026 and originates about 18 loans per second, showing how telecom‑driven wallets are evolving into broader financial ecosystems.

For Nigerian users of Mukuru and similar wallets, the Botswana example signals that linked cards could soon offer a way to spend wallet balances in physical stores without needing a bank account, reflecting a future where financial services are unbundled and built around existing mobile behaviors.

SOURCE: https://techcabal.com/2026/09/16/botswana-future-of-banking-not-start-with-bank/