Mukuru, a next-generation financial services provider, emphasizes the transformative potential of fintech by empowering customers to educate themselves. According to Mukuru CEO Andy Jury, formal financial education is crucial, but the real power lies in customers learning through using fintech products and services, fostering trust and confidence in digital financial tools.
Starting as a remittance company, Mukuru has evolved into a comprehensive platform offering various financial products and services. Jury highlights that by enabling customers to self-educate, Mukuru has helped thousands of unbanked and underserved individuals access financial services previously out of their reach.
“I vividly remember logging onto internet banking for the first time two decades ago. There was a genuine sense of trepidation, especially because I was doing something new with my hard-earned money. Seen this way, it is evident that no matter how financially sophisticated we may be, we are all on a journey of continuous education,” says Jury.
Jury notes that the focus of a fintech’s education strategy can vary based on the market it serves. In South Africa, Mukuru may focus on issues like identity theft or loan and insurance products, while in Malawi, the focus might be on basic financial literacy, such as keeping a PIN safe. However, the fundamental goal remains the same: to empower customers through education.
Real education, according to Jury, occurs when customers engage with and use fintech products. He emphasizes the importance of overcoming initial resistance and ensuring that products are accessible and designed to solve real customer problems.
Fintechs have a duty of care to provide customers with appropriate information. Mukuru achieves this by training its staff, contact centers, and field ambassadors to educate customers about their products. The company adopts a philosophy of trying, failing, and learning, constantly refining its education strategy based on customer needs.
Jury explains that when customers use a product and it solves their problem, it creates a positive trust cycle, encouraging further use and education about additional services. This is evident in the growth of digital transactions on Mukuru’s platform, which increased from less than 40% to over 60% in three years.
“Three years ago, less than 40% of transactions managed on our platform were paid for using digital types of money. Today, that is more than 60%. This is crystal-clear proof that customers understand what they are doing, that they are comfortable doing it, and they trust our platform,” Jury concludes.
