Ray Bande
Senior Reporter
MUKURU Group – a financial services provider – has been awarded a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe, a key enabler in driving financial inclusion, particularly among underserved groups.
This licence is expected to ameliorate financial inclusion of small-to-medium enterprises, (SMEs), people with disabilities, women, youth, and rural communities.
The licence has resulted in the launch of Mukuru Wallet, which offers several benefits, including two pockets that enable users to send and receive money locally and internationally from their mobile phones, safe storage of funds, and free cash-out on international transfers.
Financial inclusion in Zimbabwe is at its lowest in rural areas, where 63 percent of the population resides.
Mukuru Group chief executive, Mr Andy Jury said being awarded the DTMFI licence is a significant milestone as their mission aligns perfectly with Zimbabwe’s National Financial Inclusion Strategy, spearheaded by the Reserve Bank of Zimbabwe (RBZ).
“We are excited to leverage our extensive network and digital capabilities to further empower underserved communities – particularly SMEs, women, youth, people with disabilities, and rural populations – and drive greater financial inclusion across the country,” he said.
Mr Jury said Mukuru is uniquely positioned to bridge the gaps between formal and informal financial services in Zimbabwe. This is achieved by unlocking new economic opportunities through the provision of innovative financial products that enable people to send, store, spend, and potentially borrow with ease.
“Relevant financial inclusion depends on the uptake of products and services. To this end, Mukuru”s trusted brand and reputation as a reliable financial services provider are expected to support the building of customer trust and drive the adoption of digital offerings,” said Mr Jury.
Mukuru, which has been part of Zimbabwe’s financial services landscape for the past 20 years, serves over three million customers.
Through its extensive network, with digital capabilities, Mukuru has 250 owned access points, 40 percent of which are located in rural areas.
Additionally, it has more than 500 partner access points available across the country.
Mukuru Zimbabwe Financial Services, chief executive, Mr Doug Tait-Knight said meaningful financial inclusion uplifts communities by enabling them to access financial services and enter the mainstream economy.
“The DTMFI service eliminates travel costs and enhances secure and inclusive practices, as money does not need to be collected physically. Currently, more than 90 percent of people who receive remittances cash them out, so we are well-positioned to help them along their digital financial inclusion journeys.
“Our DTMFI licence will enable us to deliver innovative digital solutions that address the specific needs of our customers. These include individuals with disabilities who struggle to access cash from ATMs, as well as small business owners seeking to grow their enterprises. We are delighted that our strategy aligns with the national financial inclusion strategy,” he said.
Mukuru is one of the leading financial services platforms in Southern Africa, offering reliable financial services to a customer base of over 17 million across Africa, Asia, and Europe.
With over 100 million transactions to date, its core business was built around providing international money transfers. From this base, it has developed a range of services to address the broader financial needs of its customers.
Mukuru now operates in over 60 countries and across more than 500 remittance corridors.
Mr Jury said: “We are a business that puts the customer at the centre of everything we do. For this reason, we serve clients across physical and digital channels, offering various payment methods (cash, card, wallet), as well as a range of engagement platforms, including WhatsApp, USSD, contact centre, app, website, agents, and branch and booth network.”
Mukuru has been listed, for the fifth consecutive year, as one of the top 100 cross-border payments businesses in the world in the 2024 FXC Intelligence Top 100 Cross-Border Payment Companies.
