Mukuru Gains Ground in Zimbabwe: A Leap Towards Financial Inclusion
In an exciting development for the financial services landscape in Zimbabwe, Mukuru, a next-generation financial services provider, has officially received a Deposit-Taking Microfinance Institution (DTMFI) licence. This significant achievement sets the stage for Mukuru to further its mission of promoting financial inclusion across the nation, particularly for underrepresented groups such as small and medium enterprises (SMEs), women, youth, and disabled individuals, along with rural communities.
Mukuru’s Group CEO, Andy Jury, expressed the importance of this licence in light of Zimbabwe’s National Financial Inclusion Strategy spearheaded by the Reserve Bank of Zimbabwe. The alignment of Mukuru’s mission with the national strategy positions the company uniquely to empower underserved populations. Jury stated, “We are excited to leverage our extensive network and digital capabilities to further empower underserved communities and drive greater financial inclusion across the country.”
The need for financial services in rural areas of Zimbabwe is critical, impacting around 63% of the population. Mukuru has been a reliable part of the financial solution landscape for over 20 years, serving more than three million loyal customers. With a robust distribution network featuring 250 owned access points—40% of which are located in rural regions—Mukuru is poised to impact lives effectively.
Jury highlighted that bridging the divide between formal and informal services is essential for unlocking new economic opportunities. Mukuru aims to offer innovative financial products, enabling individuals to send, store, spend, and even borrow money seamlessly. Trust in financial institutions is paramount for broadening the adoption of digital solutions, and Mukuru’s strong reputation is expected to aid in building that trust among potential customers.
Mukuru Zimbabwe Financial Services CEO Doug Tait-Knight emphasized that meaningful financial inclusion has the power to uplift entire communities. He noted, “DTMFI service offerings cut out travel costs and enhance secure and inclusive practices, eliminating the need for physical cash collection.” Currently, over 90% of individuals receiving remittances convert them to cash; Mukuru is now perfectly positioned to support these users on their digital financial journeys.
“The DTMFI licence will enable us to deliver innovative solutions tailored to the specific needs of our clientele, from those facing mobility challenges in accessing ATMs to small business owners eager to grow their ventures. We are truly excited that our objectives align with the national strategy for financial inclusion,” he added.
As Mukuru paves the way for a more inclusive financial future in Zimbabwe, this development is not just a win for the company but for the entire economy, promising a boost for SMEs and fostering a culture of financial resilience among the country’s most vulnerable populations.
Date: 21st December 2024.
Tags: #Zimbabwe #FinancialInclusion #BusinessNews #Africa
