Mukuru has launched the Mukuru Wallet, a mobile wallet aimed at improving financial inclusion in Zimbabwe. This digital wallet follows the company’s award of a Deposit-Taking Microfinance Institution (DTMFI) license from the Reserve Bank of Zimbabwe. It is set to serve millions of Zimbabweans.
The Mukuru Wallet allows users to send and receive money both locally and internationally. It also provides secure storage of funds.
Users can cash out international transfers for free. This wallet builds on Mukuru’s established network, which already serves over three million customers in Zimbabwe.
Innovative Features Bring Convenience to Zimbabweans
Marc Carrie-Wilson, Send Money Home Zimbabwe CEO, shared the significance of the launch. He said, “The Mukuru Wallet is a significant development in the country because we have built a reputable brand by consistently ensuring cash availability when needed.
“To avoid disappointing people who travel long distances to receive their remittances which they use for food, school fees, and other essential services, we now have 250 of our own service points.
“With a network stretching across urban and rural areas, we can reach more people than ever, providing constant cash availability and valuable digital solutions, such as the Mukuru Wallet, to the underserved communities.”
Doug Tait-Knight, Mukuru Zimbabwe Financial Services CEO, emphasized the company’s commitment to financial inclusion.
“Mukuru takes its role as a fintech driving financial inclusion seriously. With this wallet, we tap into our strength which lies in our robust network and technology, as well as our crispy notes that are always available, making this an exciting moment in our evolution in Zimbabwe.”
He added that the wallet offers users more affordable domestic transfers. It also allows people to safely store money without needing to carry large sums.
The wallet can also be used to pay for services such as electricity, airtime, DSTV bills, and insurance. These can all be done from home.
Also Read: PayMint and ADIB-Egypt Launch Meeza Prepaid Cards to Boost Financial Inclusion
Mukuru Plans to Expand Beyond Individuals to Businesses
The company plans to expand the wallet’s use to businesses soon. This will allow organizations to send payments, such as distributing money to farmers.
Mukuru is already partnering with companies like Cottco and international organizations like UNICEF. These partnerships aim to provide traceable aid distributions and payroll solutions.
Kevin Nyakotyo, Mukuru’s Enterprise Sales Manager for Zimbabwe and Zambia, discussed the wallet’s impact. He said, “Our success in the end-user sector has enabled us to set in motion plans to enter the business sector. Whether it is for tobacco or cotton, payments made to farmers are often large sums of money.
The Mukuru Wallet will make receiving these large sums of money far safer because beneficiaries won’t need to draw all their cash at the same time.”
Nyakotyo also mentioned the company’s mandate to educate the market. “We have a mandate to educate the market based on trends we see, and with this wallet, we are reaching out to both organizations and individuals and giving them peace of mind to know their funds will be safe and can be collected at any time.
They can draw an amount that suits them with full confidence the cash will be available wherever they are, whenever they need it.”
Mukuru’s new wallet is expected to provide greater financial access to underserved communities in Zimbabwe and beyond.