Botswana has high mobile phone use, but access to formal banking remains a challenge for many adults. With mobile penetration at about 166%, the country has roughly 4.2 million mobile connections for a population of 2.5 million. Yet an estimated 38% of adults remain unbanked.
Mukuru’s new Companion Card could help close part of this gap. Launched in Botswana in August, the Visa-branded card is linked directly to the Mukuru Wallet. It allows customers to spend money from their wallet at merchants without first transferring funds into a traditional bank account.
The initiative could make everyday payments easier for people who rely on remittances and mobile wallets. Customers can use the card for groceries, transport, utilities, school fees and online purchases at merchants that accept Visa. This means money received digitally can remain digital until it is spent.
Thembani Moyo, Country Manager for Mukuru Botswana, said the product builds on a service customers already know. “Our customers already trust the Mukuru Wallet to manage their money. The Companion Card gives them a new, practical way to use it,” he told TechCabal.
He added that everyday payments could become easier for customers who may not have access to traditional banking services. “So paying for groceries or topping up airtime is as easy as swiping a card, without ever needing to visit a branch or carry cash.”
Moving More Consumers From Cash to Digital Payments
Botswana’s experience highlights a wider issue across financial services. Mobile connectivity has grown faster than formal banking access. Factors such as branch availability, affordability, documentation, financial literacy and irregular incomes continue to affect access. Many consumers also remain dependent on cash.
The Companion Card addresses one part of this problem by removing the need to cash out money before spending it. For someone receiving a remittance, for example, the funds can move from the Mukuru Wallet directly into everyday spending.
Visa’s Amon Magunje, Country Manager for Visa Botswana, said the development reflects a broader shift in the country’s payments market. “For years, a lot of money movement here has been about cash-out: funds arrive via remittance or mobile wallet, and the consumer’s next step is a trip to a cash point.”
The opportunity is significant as digital merchant payments continue to grow. GSMA data shows that merchant payments increased by 42% to $155 billion in 2025, making them the fastest-growing mobile-money use case.
Visa already works with Botswana’s three mobile network operators and supports more than three million Visa cards through 10 financial institutions. Magunje believes the next stage of growth will involve consumers who have traditionally been outside the banking system.
“The Mukuru card extends that same secure rail to a wallet-first, non-bank customer base for the first time,” he said. He added that future growth will not only come from banks issuing more cards, but also from fintechs and wallet providers using existing payment infrastructure to reach underserved consumers.
Creating Space for Banks and Fintechs to Work Together
The development also points to a changing relationship between traditional banks and fintech companies. Rather than operating only as competitors, the two sides can support different parts of the same financial ecosystem.
Mbatshi Masalila, Access Bank’s Alliance and Partnerships Manager, said digital wallets and companion cards are changing how the industry approaches financial access.
“Innovations such as digital wallets and companion cards are accelerating the industry’s focus on accessibility and convenience,” Masalila said. She noted that customers increasingly value services that are easy to access, require limited infrastructure and allow them to transact digitally without necessarily holding a traditional bank account.
Banks still provide services that wallets may not, including savings, credit, investments and broader risk-management solutions. This leaves room for banks, fintechs, mobile operators and payment networks to work together.
For Botswana, the potential impact extends beyond simply giving consumers another payment card. If more people can receive money, keep it digital and use it directly for everyday purchases, the country could move closer to a financial system that serves consumers who have long remained outside traditional banking.
