In a significant move towards enhancing financial inclusion in Zimbabwe, Mukuru, a next-generation financial services provider, has successfully obtained a Deposit-Taking Microfinance Institution (DTMFI) license. This pivotal achievement marks a crucial step in Mukuru’s mission to empower underserved communities, including small and medium enterprises (SMEs), women, youth, people with disabilities, and rural populations—groups that have historically faced challenges in accessing financial services.
Mukuru is no stranger to Zimbabwe’s financial landscape. With two decades of experience, the company proudly serves over three million loyal customers through a robust network that boasts 250 owned access points, particularly in rural areas where access is vital, complemented by more than 500 partner access points across the country. financial inclusion in Zimbabwe is particularly pressing in its rural regions, where 63% of the population resides.
Mukuru’s Group CEO, Andy Jury, expressed his excitement about the DTMFI license, pointing out that this achievement aligns seamlessly with the Reserve Bank of Zimbabwe’s National Financial Inclusion Strategy. “Our extensive network and digital capabilities will allow us to further empower underserved communities,” said Jury. He underscores Mukuru’s unique position in bridging the divide between formal and informal financial services, unlocking new economic opportunities with innovative financial products that allow customers to send, store, spend, and potentially borrow funds with ease.
Emphasizing the importance of customer trust, Jury stated, “Relevant financial inclusion depends on the uptake of products and services. Our trusted brand and reputation will help foster trust and drive the adoption of our digital offerings.” The company’s focus on digital solutions aims to enhance convenience, particularly for those in vulnerable situations.
Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, added that meaningful financial inclusion isn’t just about product offerings; it revolves around uplifting communities and helping individuals access necessary financial services. The DTMFI license empowers Mukuru to provide innovative digital solutions that cater to diverse customer needs, including those of individuals with disabilities and small business owners eager to expand their ventures.
With this new license, Mukuru aims to cut travel costs for its customers by ensuring money doesn’t have to be physically collected regularly. The future looks bright for Mukuru and its commitment to driving financial inclusion in Zimbabwe, allowing more individuals to engage with and benefit from the mainstream economy. The company’s strategic alignment with national policies reflects a shared goal of making financial services more accessible to all.
As Mukuru continues on this transformative journey, it stands as a beacon of positive change in Zimbabwe’s financial ecosystem, fostering a more inclusive economic environment for everyone.
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#Zimbabwe #Finance #BusinessNews #WorldNews
