Mukuru, a leading next-generation financial services platform, has launched the Mukuru Wallet in Zimbabwe, marking a significant step toward improving financial inclusion. This development follows Mukuru’s receipt of a Deposit-Taking Microfinance Institution (DTMFI) license from the Reserve Bank of Zimbabwe.
The Mukuru Wallet, a secure digital financial tool, is tailored to serve over three million Zimbabwean customers. Its features include dual pockets for sending and receiving money both locally and internationally, safe fund storage, and free cashouts for international transfers.
Enhanced Financial Access Across Urban and Rural Areas
Marc Carrie-Wilson, CEO of Send Money Home Zimbabwe, emphasized the wallet’s role in ensuring reliable access to funds for essential needs like food and school fees. “With 250 service points across urban and rural areas, Mukuru ensures constant cash availability and offers digital solutions like the Mukuru Wallet to underserved communities,” Carrie-Wilson stated.
Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, highlighted the wallet’s potential to enhance affordability and convenience for users. “The Mukuru Wallet enables safer transactions, eliminating the need to carry large sums of money. Customers can use it to pay for services like electricity, airtime, DSTV, and insurance from the comfort of their homes,” he explained.
Expanding Services to Businesses and Organizations
Currently focused on private users, Mukuru plans to extend its services to businesses and organizations. The wallet will facilitate payments such as payroll for small enterprises, farmer payments, and traceable aid distributions. Mukuru already partners with entities like Cottco, the United Nations, the World Food Programme, and UNICEF to streamline financial operations.
Kevin Nyakotyo, Mukuru’s Enterprise Sales Manager for Zimbabwe and Zambia, noted the wallet’s potential to improve safety and flexibility for large payments. “Farmers and other beneficiaries no longer need to withdraw large sums of money at once. They can access their funds securely, in amounts that suit them, wherever and whenever they need,” Nyakotyo said.
The Mukuru Wallet underscores the company’s commitment to leveraging technology and an expansive network to provide inclusive and reliable financial solutions in Zimbabwe.