Introducing Mukuru Wallet: A New Mobile Wallet in Zimbabwe
This is the first development since Mukuru was awarded a deposit-taking license in the country
Mukuru, a next-generation financial services platform, has recently launched a mobile wallet in Zimbabwe known as Mukuru Wallet. This secure digital store of value comes on the heels of Mukuru being granted a Deposit-Taking Microfinance Institution (DTMFI) license in Zimbabwe by the Reserve Bank of Zimbabwe.
With a customer base of over three million in Zimbabwe, Mukuru Wallet offers numerous benefits. One of its standout features is the two pockets that enable users to send and receive money locally and internationally from their mobile phones. Additionally, it provides safe storage of funds and offers free cashout on international transfers.
According to Marc Carrie-Wilson, Send Money Home Zimbabwe CEO, “The introduction of the Mukuru Wallet is a significant milestone for us as a company. We have established a strong reputation for ensuring cash availability when needed, especially for essentials like food and school fees. With 250 service points across urban and rural areas, we aim to provide constant cash availability and valuable digital solutions, such as the Mukuru Wallet, to underserved communities.”
Doug Tait-Knight, the CEO of Mukuru Zimbabwe Financial Services, emphasizes the company’s commitment to financial inclusion through the Mukuru Wallet. With a strong network and technology infrastructure, the wallet offers affordable domestic money transfers, enhanced safety by reducing the need for carrying large sums of cash, and convenience for various transactions such as bill payments and purchases.
The Mukuru Wallet is not limited to individual users; organizations can also leverage its capabilities for payments to farmers, payroll processing, and aid distribution. Partnerships with entities like Cottco and UN agencies demonstrate the potential for Mukuru to facilitate secure and traceable transactions on a larger scale.
Kevin Nyakotyo, Mukuru’s Enterprise Sales Manager for Zimbabwe and Zambia, highlights the wallet’s potential in the business sector. Large payments to farmers, for example, can be made safer and more convenient through the Mukuru Wallet, ensuring that beneficiaries can access their funds securely and at their convenience.
