Mukuru Companion Card Turns Botswana Phones Into Wallets

Mukuru Companion Card Turns Botswana Phones Into Wallets

Quick Reads

• Mukuru has launched its Companion Card in Botswana, linked directly to the Mukuru Wallet.
• The Visa-branded card lets customers spend wallet balances without opening a bank account.
• Botswana has 166% mobile penetration, yet 38% of adults remain unbanked.
• Visa says the deal signals fintechs, not just banks, will drive future payment growth.
• Access Bank views wallet providers as partners in expanding financial access, not just rivals.

Mukuru Companion Card is now live in Botswana, giving wallet users a direct way to spend digitally. The Visa-branded card links straight to the Mukuru Wallet, so customers skip the bank account step entirely. Botswana boasts mobile penetration of roughly 166%, yet an estimated 38% of adults remain unbanked, according to Mukuru. That gap is exactly what the new card targets, letting phones double as everyday payment tools. Customers can now use it for groceries, transport, utilities, school fees, and online purchases. Moreover, the card works wherever Visa is accepted, removing the need to visit a branch.

Thembani Moyo, Mukuru Botswana’s Country Manager, told TechCabal the company is building on familiar habits. “Our customers already trust the Mukuru Wallet to manage their money,” he said. Therefore, the Companion Card simply extends that trust into daily spending, he added.

Historically, many customers cashed out remittances or wallet balances before spending them locally. Consequently, the new card removes that extra step, letting money stay digital until spent. Visa’s Botswana Country Manager, Amon Magunje, sees the partnership as a market signal. He explained that Botswana’s payments landscape is maturing beyond simple cash-versus-remittance behavior. Meanwhile, Visa already supports over three million cards through ten financial institutions in Botswana. However, Magunje insists future growth will come from fintechs, not just banks. Similarly, mobile money merchant payments jumped 42% to $155 billion globally in 2025.

Access Bank’s Mbatshi Masalila also welcomes the shift, calling wallets and cards complementary tools. She noted that customers increasingly value solutions requiring minimal infrastructure and no traditional bank account. Still, banks retain strengths in savings, credit, and risk management that wallets lack. As a result, banks, fintechs, and payment networks now share overlapping roles across Botswana’s financial ecosystem.