Mukuru has launched a mobile wallet in Zimbabwe after receiving a new licence from the Reserve Bank of Zimbabwe to offer local and international transfers via mobile phones.
Mukuru, which boasts a customer base of 17 million-plus across Africa, Asia and Europe and over 500 remittance corridors, has secured a ‘Deposit-Taking Microfinance Institution (DTMFI)’ licence.
The financial services platform says its new Mukuru Wallet has two pockets that enables users to send and receive money locally and internationally from mobile phones, safely store funds and have free cashouts on international transfers.
Mukuru Zimbabwe financial services CEO Doug Tait-Knight commented: “Mukuru takes its role as a fintech driving financial inclusion seriously. With this wallet, we tap into our strength which lies in our robust network and technology, as well as our crispy notes that are always available, making this an exciting moment in our evolution in Zimbabwe.”
According to Mukuru, the wallet environment enables it 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,” added Tait-Knight.’
Partnerships
While currently focusing on private end users, soon organisations will be able to partner with Mukuru to make use of its local capabilities and global footprint to facilitate payments, such as distributing money to farmers, supporting payroll for small businesses and securing traceable aid distributions.
Kevin Nyakotyo, Mukuru’s enterprise sales manager for Zimbabwe and Zambia, also added: “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.”
