Highlights:
- Mukuru to drive adoption of digital financial solutions with support of its extensive booth and agent network
- DTMFI license to amplify Reserve Bank of Zimbabwe’s Financial Inclusion Strategy
- Cost reduction benefits to be felt by SMEs, women, youth and rural communities
Next-generation financial services provider Mukuru has been awarded a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe.
This important achievement enables Mukuru to expand on its mission of driving financial inclusion in the country, especially among underserved groups such as SMEs, people with disabilities, women, youth and rural communities.
Andy Jury, Mukuru’s Group CEO, says being awarded the DTMFI licence is a significant milestone for Mukuru because its mission aligns perfectly with Zimbabwe’s National Financial Inclusion Strategy, which is spearheaded by the Reserve Bank of Zimbabwe.
“We are excited to leverage our extensive network and digital capabilities to further empower underserved communities – particularly SMEs, women, youth, people with disabilities and rural populations – and drive greater financial inclusion across the country,” says Jury.
Jury says Mukuru is uniquely positioned to bridge the gaps between formal and informal financial services in Zimbabwe by unlocking new economic opportunities through the provision of innovative financial products that enable people to send, store, spend and potentially borrow with ease.
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“Relevant financial inclusion depends on the uptake of products and services. To this end, Mukuru’s trusted brand and reputation as a reliable financial services provider is expected to support the building of customer trust and drive the adoption of digital offerings,” explains Jury.
Financial inclusion in Zimbabwe is at its lowest in rural areas, where 63% of the population lives. Mukuru, which has been part of Zimbabwe’s financial services landscape for the past 20 years, serves over three million loyal customers.
Its trusted and extensive network, with digital capabilities, has 250 owned access points, with 40% of these in rural areas. In addition to this, it has more than 500 partner access points available across the country.
Mukuru Zimbabwe Financial Services CEO Doug Tait-Knight says meaningful financial inclusion uplifts communities by enabling them to access financial services and enter the mainstream economy.
“DTMFI service offerings cut out travel costs and enhance secure and inclusive practices as money does not need to be collected. Currently, more than 90% of people who receive remittances cash them out and so we are well-positioned now to help them along their digital financial inclusion journeys. Our DTMFI licence will enable us to deliver innovative digital solutions that address the specific needs of our customers, from those in wheelchairs who struggle to access cash from ATMS, to small business owners seeking to grow their enterprises. We are delighted that our strategy aligns with the national financial inclusion strategy,” he says.
