Mukuru Launches Mobile Wallet in Zimbabwe, Championing Financial Inclusion

Harare, Zimbabwe – January 13, 2025 – Mukuru, a next-generation financial services platform, has taken a groundbreaking step in Zimbabwe with the launch of its Mukuru Wallet. This secure digital wallet arrives after Mukuru was awarded a coveted Deposit-Taking Microfinance Institution (DTMFI) license by the Reserve Bank of Zimbabwe.¹

Building upon Mukuru’s established reputation for reliability, serving over three million Zimbabwean customers, the Mukuru Wallet offers a compelling suite of features:

• Dual Compartments: Users can seamlessly send and receive local and international funds directly from their mobile phones.
• Secure Storage: The wallet provides a safe haven for users’ money, ensuring peace of mind.
• Free International Transfer Cashouts: An attractive perk for users receiving international transfers.

“The Mukuru Wallet represents a significant milestone for Zimbabwe,” says Marc Carrie-Wilson, CEO of Send Money Home Zimbabwe.⁴ “We’ve cultivated a trusted brand by consistently guaranteeing cash availability when it matters most. To eliminate the hardship of long journeys to collect remittances used for essential needs like food and education, we’ve established a robust network of 250 service points across urban and rural areas. This extensive reach, coupled with the innovative Mukuru Wallet, empowers us to deliver financial inclusion and valuable digital solutions to underserved communities.”

Financial Technology for the Underserved

Mukuru Zimbabwe Financial Services CEO, Doug Tait-Knight, emphasizes the company’s commitment to driving financial inclusion through fintech solutions: “The Mukuru Wallet leverages our strengths – a robust network, cutting-edge technology, and a reputation for providing ‘crisp notes’ – to mark a pivotal moment in our evolution within Zimbabwe.”⁵

Tait-Knight elaborates on the additional functionalities of the wallet: “This digital ecosystem empowers us to introduce a range of valuable services. Users can now enjoy affordable domestic money transfers, enhanced security by eliminating the need to carry large sums of cash, and the convenience of managing everyday expenses like electricity bills, airtime top-up, DSTV payments, and insurance – all from the comfort of their homes.⁶ Our multi-channel approach ensures accessibility for all.”

Beyond Individual Users: Empowering Businesses and Organizations

While currently focused on individual users, Mukuru has ambitious plans to expand into the business sector.⁷ Soon, organizations can leverage Mukuru’s local expertise and global reach to streamline payments, such as distributing funds to farmers, facilitating payroll for small businesses, and ensuring transparent aid distribution. Mukuru already boasts partnerships with various organizations, including Cottco, the World Food Programme, and UNICEF.

Kevin Nyakotyo, Mukuru’s Enterprise Sales Manager for Zimbabwe and Zambia, highlights the benefits for businesses: “Our success in the consumer market has paved the way for our foray into the business sector.¹⁰ Payments to farmers, particularly for high-value crops like tobacco and cotton, often involve significant sums. The Mukuru Wallet eliminates the security risks associated with large cash withdrawals. Beneficiaries can collect their funds at their convenience, with the assurance that the money will be available at any Mukuru service point.”

Nyakotyo concludes by emphasizing Mukuru’s commitment to financial literacy: “We prioritize educating the market based on emerging trends. The Mukuru Wallet empowers both individuals and organizations with the peace of mind of knowing their funds are secure and accessible anytime, anywhere.¹¹ Users can withdraw their money in any amount they require, confident that cash will be available whenever they need it.”