Mukuru launches mobile wallet in Zimbabwe to bolster financial inclusion – Africa.com
Next-generation financial services platform Mukuru (www.Mukuru.com) launched a mobile wallet called Mukuru Wallet in Zimbabwe. The secure digital store of value comes after Mukuru received a Zimbabwe Depository Microfinance Institution (DTMFI) license from the Reserve Bank of Zimbabwe.
Built on Mukuru’s trusted features that support over 3 million Zimbabwean customers, the wallet offers several benefits, including its standout features: two pockets, allowing users to send and receive funds locally and internationally via mobile phone, and secure storage Funds are cashed out as free for international transfers.
Marc Carrie-Wilson, CEO of Send Money Home Zimbabwe, said: “The Mukuru Wallet is a significant development in the country as we have built a reputable brand by consistently ensuring cash is available when needed. To avoid making long distance calls Disappointed by people who trekked to collect remittances to buy food, school fees and other essential services, we now have 250 own service points. With a network that reaches both urban and rural areas, we can reach more people than ever before, providing underserved communities with ongoing cash availability and valuable digital solutions, such as Mukuru Wallet.”
Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, said: “Mukuru takes seriously its role as a fintech driving financial inclusion. With this wallet, we take advantage of a strong network and technology that is readily available of crispy banknotes, making this an exciting time in our development in Zimbabwe.
“The wallet environment allows us to start delivering additional value such as allowing for more affordable domestic remittances, supporting security by eliminating the need for customers to move around with large sums of money, and providing convenience and cost savings such as paying their electricity bill while sitting on their couch Our use of multiple channels for purchasing airtime, settling DSTV bills and paying insurance premiums also ensures customer accessibility,” explained Tait-Knight.
While currently focused on private end-users, organizations will soon be able to work with Mukuru to leverage its local capabilities and global footprint to facilitate payments, such as distributing funds to farmers, supporting payroll for small businesses and ensuring traceable aid distribution. Several organizations, including Cottco and the United Nations (through the World Food Program) and the United Nations Children’s Fund (UNICEF), have partnered with Mukuru.
Mukuru Corporate Sales Manager for Zimbabwe and Zambia Kevin Nyakotyo added: “Our success in the end-user space has allowed us to develop plans to enter the commercial space. Whether it is tobacco or cotton, payments to farmers are often large sums of money. Mukuru Wallet will Making it safer to receive these large sums of money because the beneficiary does not need to withdraw all the cash at the same time.
“Our mission is to educate the market based on the trends we see, and with this wallet we are reaching out to organizations and individuals to give them peace of mind knowing their funds will be safe and available for withdrawal at any time. They can withdraw what suits them amount and have the confidence that cash will be available wherever they are and whenever they need it,” said Nyakotyo.
Distributed by APO Group on behalf of Mukuru.
Editor’s note:
Mukuru is Southern Africa’s leading next-generation financial services platform, providing affordable and reliable financial services to a customer base of over 17 million in Africa, Asia and Europe.
With over 100 million transactions to date, our core focus is on providing international remittances and we have developed a range of services to meet our customers’ broader financial needs. Currently, our business covers more than 60 countries and more than 500 remittance channels.
We are a customer-centric business and as such, we serve our customers through physical and digital channels, through various payment methods (cash, cards, wallets) and through a range of engagement platforms including WhatsApp, USSD, Contact Centre, App, website, agents and network of branches and booths.
Mukuru is listed as one of the top 100 global cross-border payment companies for the fifth consecutive year in the 2024 FXC Intelligence Top 100 Cross-border Payment Companies (https://apo-opa.co/3PCjAkY), one of only six African companies to receive this honor.
In 2023, Mukuru was officially ranked sixth on the LinkedIn list of top companies in South Africa.
Mukuru was awarded the Fintech Innovation of the Year Award at the 2023 Africa Tech Festival Awards for innovation and excellence, recognizing the transformative power of financial technology in driving economic growth, financial inclusion and digital transformation. access www.Mukuru.com learn more.
Media enquiries:
Amara Qutbodin
ammaarah@duomarketing.co.za
(+27) 071 529 6449
Kgomotso Helakudi
kgomotso.hlakudi@mukuru.com
(+27) 073 333 1672
Mthokozis Dube
mtho.dube@lalataucomms.co.za
(+27) 81 790 2070
