Pan-African money transfer group Mukuru has achieved a significant milestone by obtaining a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe.
This license is poised to bolster Mukuru’s commitment to financial inclusion, particularly targeting underserved populations in the country.
The DTMFI license marks a pivotal step towards enhancing financial inclusivity, aiming to dismantle economic barriers for small and medium enterprises, women, youth, disabled persons and rural communities.
With this license, Mukuru is now better equipped to address financial challenges in rural areas where 63 percent of Zimbabwe’s population resides.
Boasting a robust network of 250 access points, with 40 percent located in rural settings, and over 500 partner points, the company is set to revolutionise the financial services landscape.
“We are thrilled to leverage our network and digital capabilities to empower underserved communities. This includes SMEs, women, youth, and disabled individuals by promoting increased adoption of digital financial solutions,” said Mukuru group chief executive Andy Jury.
He noted that the license aligns Mukuru’s operations with the Zimbabwe
Reserve Bank’s national financial inclusion strategy.
The DTMFI services are designed to reduce travel costs while promoting inclusive and secure practices.
“More than 90 percent of money transfer recipients still cash out. With this license, we can guide them towards digital financial inclusion through tailored solutions, from services for the disabled to tools for small businesses,” stated Doug Tait-Knight, chief executive of Mukuru Zimbabwe Financial Services.
Beyond innovation, Mukuru is working to bridge the gap between formal and informal financial services. The company relies on its reputation as a reliable provider and its extensive network to build trust and encourage the adoption of digital services.
With 20 years of experience and a loyal customer base of three million, Mukuru positions itself as a pivotal player in Zimbabwe’s economic transformation. This advancement will unlock new economic opportunities while enhancing community capabilities to access modern financial services.
ARD/sf/te/lb/jn/APA