Mukuru launches mobile wallet in Zimbabwe
Financial services platform Mukuru has launched a mobile wallet service in Zimbabwe.
South African-based fintech platform Mukuru has launched a mobile wallet service Zimbabwe.
The launch of Mukuru Wallet follows the company receiving a Deposit-Taking Microfinance Institution (DTMFI) license in the Southern African country from the Reserve Bank of Zimbabwe.
In a statement, the company said the Mukuru Wallet caters to over 3 million customers and features two pockets for local as well as international money transfers, safe fund storage and free cash-outs on international transactions.
"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," explained the CEO of Mukuru Send Money Home Zimbabwe, Marc Carrie-Wilson.
He added that with a network stretching across urban and rural areas, the company can now reach more people than ever, providing constant cash availability and digital solutions to underserved communities.
Mukuru Wallet focus
Doug Tait-Knight, the CEO of Mukuru Zimbabwe Financial Services, explained that the Mukuru Wallet environment enables the company to start providing additional value.
He believes the wallet will allow more affordable domestic money transfers, supporting safety by eliminating the need for customers to walk around with large sums of money.
Mukuru's mobile wallet launch follows the company receiving a Deposit-Taking Microfinance Institution (DTMFI) license from the Reserve Bank of Zimbabwe. (Source: Mukuru)
Tait-Knight said the Mukuru Wallet will provide convenience and cost savings, such as paying for electricity, buying airtime, settling DSTV bills and paying for insurance from consumers' couches.
The company added that while currently focusing on private end-users, soon organizations will be able to partner with Mukuru to make use of its local capabilities and global footprint to facilitate payments.
It mentioned that several organizations, including Cottco, the United Nations' World Food Program and UNICEF, are already partnering with the company.
Mukuru's African business
Mukuru is a financial services platform that offers international money transfers in 50 countries and across 300 remittance corridors. The fintech company services clients across digital channels, through different payment methods as well as through a range of engagement platforms.
The Mukuru Wallet launch in Zimbabwe comes four months after a similar product was launched in Malawi.
In April 2023, the fintech platform launched a drive-thru service for domestic and international money transfers in the Chisipite district of Harare.
In October 2022, the company launched a loyalty-based funeral benefit in South Africa.
Last year, Mukuru Group CEO Andy Jury joined the Connecting Africa Podcast to talk about the company's evolution and expansion over the past 20 years and the opportunities that remain to bring true digital and financial inclusion to Africa.