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In a bid to navigate the complexities of a cash-based economy, Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, is spearheading a push towards digital payments. Tait-Knight emphasizes that embracing digital solutions is crucial for a more efficient and competitive economy.
“Working with cash is a challenge due to the logistics involved and the risk landscape,” Tait-Knight explained. “However, by transitioning to a digital world, we can avoid these challenges.”
Tait-Knight acknowledges that a fully digital economy will not emerge overnight, but he highlights Zimbabwe’s existing familiarity with digital platforms. Despite this, he notes that many Zimbabweans are still unaware of the benefits a digital economy can offer.
Mukuru aims to increase awareness and boost competitiveness in the digital space. One key advantage of digital operations, according to Tait-Knight, is the ability to provide 24/7 accessibility. Digital platforms enable round-the-clock service availability, making it far more convenient for users.
Tait-Knight also addressed the impact of currency fluctuations on supply and demand. He noted that while the local currency’s volatility can affect domestic markets, it does not directly influence external economies or the decisions of the Zimbabwean diaspora.
A significant challenge in promoting digital payments has been persuading people to opt for formal, digital methods over informal cash-based channels. Concerns about safety, efficiency, and reliability have been key barriers. However, Tait-Knight emphasized that Mukuru’s commitment to cash guarantees sets it apart from competitors.
“Our cash guarantee is a big difference; we have always maintained that over the years, and we have always had healthy competition,” he said.
Mukuru has built a reputation for reliability, particularly in times of cash shortages, thanks to its secure and efficient digital services. Tait-Knight underlined the importance of coexisting with competitors in both the formal and informal financial sectors.
The company’s wallet service is designed to be accessible through various channels, including USSD and WhatsApp, ensuring that even users without smartphones can access services. This flexibility, according to Tait-Knight, is a significant advantage that sets Mukuru apart in the market.
As Zimbabwe continues to grapple with cash-related challenges, the push toward digital payments seems poised to become a central part of the country’s economic future, with Mukuru leading the charge in promoting this shift.
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