Mukuru Introduces Mobile Wallet Service in Zimbabwe

Financial services provider Mukuru has rolled out a mobile wallet in Zimbabwe, called Mukuru Wallet. This development follows Mukuru’s recent acquisition of a Deposit-Taking Microfinance Institution (DTMFI) license from the Reserve Bank of Zimbabwe.

With a customer base exceeding three million Zimbabweans, Mukuru aims to expand its offerings with the new wallet, which comes with notable features. These include dual pockets for local and international transactions via mobile phones, secure fund storage, and free cash-out options for international transfers.

Marc Carrie-Wilson, CEO of Mukuru’s Send Money Home Zimbabwe division, highlighted the importance of accessibility:

“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 Mukuru Wallet, to the underserved communities.”

Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, emphasized the wallet’s additional benefits:

“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.”

Currently, the Mukuru Wallet caters primarily to individual users. However, the platform is set to expand its scope soon, allowing organizations to collaborate with Mukuru for payment solutions. These may include distributing funds to farmers, managing payroll for small businesses, and facilitating traceable aid disbursements.

Mukuru already works with notable partners like the Cotton Company of Zimbabwe (Cottco), the World Food Programme, and UNICEF.

This is not Mukuru’s first foray into mobile wallets in Africa. Last October, the company launched the Mukuru Wallet in Malawi, marking a continued push to bring financial services to underserved communities across the continent.