Mukuru Launches A Mobile Wallet In Zimbabwe

Financial services platform, Mukuru, has launched a mobile wallet in Zimbabwe dubbed the Mukuru Wallet. The digital wallet follows Mukuru’s award of a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe by the Reserve Bank of Zimbabwe.

The wallet promises several benefits including two pockets that allow users to send and receive money locally and internationally from mobile phones. It also provides safe storage of funds as well as a free cashout on international transfers.

“The Mukuru Wallet is a significant development in the country because we have built a reputable brand by consistently ensuring cash availability when needed. 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. With a network stretching across urban and rural areas, we can reach more people than ever, providing constant cash availability and valuable digital solutions,” Marc Carrie-Wilson, Send Money Home Zimbabwe CEO said.

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. Various organisations such as Cottco and the United Nations, through the World Food Programme, and the United Nations Children’s Fund (UNICEF) already partner with Mukuru.

This isn’t the only big African news from Mukuru recently as the company launched the Mukuru Wallet in Malawi in October 2024.

Mukuru enters the mobile wallet landscape in Zimbabwe, joining established platforms like EcoCash, One Money, Innbucks, and Omari. The platforms promote financial inclusion by providing access to financial services for a wider segment of the population.

Financial inclusion in Zimbabwe has seen significant strides in recent years, driven largely by the growth of mobile money services. The platforms have revolutionized how people access and manage their finances, particularly in underserved rural areas.