Why more Lesotho migrant workers are choosing fintechs to send money home
- Mampe Seema began using Mukuru for remittances after facing difficulties with traditional banking.
- An estimated 400,000 Basotho migrants in South Africa are increasingly using fintechs for cross-border payments.
- The South Africa Reserve Bank's regulatory changes in 2025 introduced stricter requirements for low-value cross-border electronic fund transfers.
The shift towards fintech solutions for remittances reflects a significant change in consumer behavior driven by regulatory challenges. While fintechs provide convenience and speed, traditional banks still play a crucial role in the remittance market. Further discussion could explore how these dynamics will evolve and the potential impact on both consumers and financial institutions.
