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Financial services firm Mukuru is anticipating a 500% increase in the use of its MukuruPay platform, driven by strategic partnerships with key players in Zimbabwe’s tobacco industry and collaborations and non-governmental organizations (NGOs). The company’s MukuruPay platform, formerly known as the Enterprise Payments Platform, is designed to promote financial inclusion within the agricultural sector, particularly among smallholder tobacco farmers.
Many smallholder farmers in Zimbabwe’s tobacco industry face financial exclusion due to limited access to credit, unreliable payment systems, and delayed payments. Mukuru’s partnerships with industry players such as Premier Tobacco Auction Floors, Munakiri Leaf Tobacco, and Onhardt Tobacco aim to address these challenges.
MukuruPay enables tobacco merchants to disburse bulk payments efficiently, while the integrated Mukuru Wallet allows smallholder farmers to receive, access, and manage their funds instantly, the Mukuru Wallet which was launched after its licensing as a deposit-taking microfinance institution in Zimbabwe, has improved financial access for smallholder farmers.
Enterprise Sales manager Kevin Nyakotyo said”Mukuru appreciates that small-scale farmers form the backbone of Zimbabwe’s tobacco industry growth. However, they face unique challenges that require grassroots understanding and practical solutions. MukuruPay and the Mukuru Wallet are creating a digital ecosystem that empowers farmers and enterprise partners to participate more fully and efficiently.”
With a network of over 250 branches and booths across Zimbabwe, including 40% located in rural areas, farmers can instantly withdraw their funds, store them securely, or use them to purchase essential services. Mukuru’s strategic partnerships and digital payment solutions are set to drive significant growth in the use of MukuruPay, empowering smallholder farmers and promoting financial inclusion in the agricultural sector.
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