- Mukuru to drive adoption of digital financial solutions with support of its extensive booth and agent network
- DTMFI license to amplify Reserve Bank of Zimbabwe’s Financial Inclusion Strategy
- Cost reduction benefits to be felt by SMEs, women, youth, and rural communities
Next-generation financial services provider Mukuru has recently been granted a Deposit-Taking Microfinance Institution (DTMFI) license in Zimbabwe. This significant milestone allows Mukuru to further its commitment to enhancing financial inclusion in the country, particularly among marginalized groups such as SMEs, individuals with disabilities, women, youth, and rural communities.
Andy Jury, the Group CEO of Mukuru, expressed enthusiasm about the DTMFI license, emphasizing how it aligns with Zimbabwe’s National Financial Inclusion Strategy led by the Reserve Bank of Zimbabwe. “We are thrilled to utilize our wide-reaching network and digital capabilities to empower underserved communities in Zimbabwe, including SMEs, women, youth, individuals with disabilities, and those residing in rural areas, in order to drive greater financial inclusion across the nation.”
Jury highlighted Mukuru’s unique position in bridging the gap between formal and informal financial services in Zimbabwe, providing innovative financial products that facilitate seamless money transfers, storage, spending, and potentially borrowing. By offering trustworthy and reliable financial services, Mukuru aims to build customer trust and encourage the adoption of digital financial solutions.
Financial inclusion remains a challenge in rural Zimbabwe, where a significant portion of the population resides. With over 20 years of experience in the Zimbabwean financial sector, Mukuru serves more than three million loyal customers. The company’s extensive network comprises 250 owned access points, with 40% located in rural areas, and over 500 partner access points throughout the country.
Doug Tait-Knight, the CEO of Mukuru Zimbabwe Financial Services, highlighted the transformative impact of meaningful financial inclusion on communities, enabling them to access financial services and participate in the formal economy.
“DTMFI services provided by Mukuru eliminate the need for travel to collect funds, promoting secure and inclusive financial practices. With over 90% of individuals currently cashing out remittances, Mukuru is well-equipped to guide them on their digital financial inclusion journey. Our DTMFI license will enable us to introduce innovative digital solutions tailored to meet the specific needs of our customers, ranging from individuals with disabilities who struggle to access cash from ATMs to small business owners looking to expand their enterprises,” stated Tait-Knight.
Distributed by APO Group on behalf of Mukuru.
Media Enquiries:
Kgomotso Hlakudi
kgomotso.hlakudi@mukuru.com
(+27) 73 333 1672
Mthokozisi Dube
mtho.dube@lalataucomms.co.za
(+27) 81 790 2070
Ammaarah Kootbodien
ammaarah@duomarketing.co.za
(+27) 71 529 6449
Notes to Editor:
Mukuru is a leading next-generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 17 million across Africa, Asia, and Europe.
With a track record of over 100 million transactions, Mukuru initially focused on international money transfers and has since expanded its services to address a wide range of financial needs. Operating in over 60 countries and across more than 500 remittance corridors, Mukuru serves its customers through physical and digital channels, various payment methods, and multiple engagement platforms.
Mukuru’s commitment to customer satisfaction and innovation has garnered recognition, including being listed among the top 100 Cross-Border Payments businesses in the world by FXC Intelligence. The company has also received accolades such as the Fintech Innovation of the Year Award at the Africa Tech Festival Awards and the IAMTN Payments Network Customers Experience Excellence Award.
For more information, visit www.Mukuru.com.
