Online Reporter
Business Reporter
Next-generation financial services platform Mukuru has launched a mobile wallet in Zimbabwe.
The Mukuru Wallet offers several benefits, including two pockets for local and international transactions, secure fund storage and free cashouts on international transfers.
Mukuru enters the mobile wallet landscape, joining established platforms like EcoCash, One Money, Innbucks and Omari.
The platforms promote financial inclusion by providing access to financial services for a wider segment of the population.
Mr Marc Carrie-Wilson, Send Money Home Zimbabwe chief executive, said the Mukuru Wallet was a significant development in the country.
“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 Mukur Wallet, to the underserved communities,” he said.
Mukuru Zimbabwe chief executive Mr Doug Tait-Knight said his company was committed to financial inclusion.
He said the new wallet leveraged the company’s strong network, advanced technology, and reliable cash availability, marking an exciting milestone in our Zimbabwean operations.
“The wallet environment enables us to start providing additional value such as allowing more affordable domestic money transfers, supporting safety by eliminating the need for customers to walk around with large sums of money, and providing convenience and cost savings, such as paying for electricity, buying airtime, settling DStv bills and paying for insurance from their couch. Our use of multiple channels also ensures accessibility for our customers,” said Mr Tait-Knight.
Initially focused on individual users, Mukuru will soon offer partnerships to businesses. The partnerships will leverage Mukuru’s local expertise and global reach to facilitate payments for various sectors.
These include distributing funds efficiently to farmers, supporting payroll processing for small business and securing traceable aid distribution to vulnerable communities by humanitarian organisation.
Organisations like Cottco, the World Food Programme and UNICEF already collaborate with Mukuru.
Mr Kevin Nyakotyo, Mukuru’s Enterprise sales manager for Zimbabwe and Zambia, 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.
“We have a mandate to educate the market based on trends we see, and with this wallet, we are reaching out to both organisations 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,” says Nyakotyo.
Recently, the Reserve Bank of Zimbabwe granted a Deposit-Taking Microfinance Institution licence.
Financial inclusion in Zimbabwe has seen significant strides in recent years, driven largely by the growth of mobile money services. The platforms have revolutionised how people access and manage their finances, particularly in underserved rural areas.
