Mukuru unveils mobile wallet to enhance financial inclusion in Zimbabwe

Mukuru unveils mobile wallet to enhance financial inclusion in Zimbabwe

Mukuru has officially launched its mobile wallet service in Zimbabwe, aiming to improve financial access and inclusion for millions of users.

This new service, known as the Mukuru Wallet, follows the company's recent acquisition of a Deposit-Taking Microfinance Institution (DTMFI) licence from the Reserve Bank of Zimbabwe.

The Mukuru Wallet is designed to cater to the financial needs of Zimbabweans, particularly those who rely on remittances for essential services such as food, education, and utilities. With over 17 million customers across Africa, Asia, and Europe, Mukuru is leveraging its extensive network to provide a reliable and user-friendly financial solution.

Features of the Mukuru Wallet

The Mukuru Wallet boasts several key features:

  1. Dual Functionality: Users can send and receive money both locally and internationally through their mobile phones.

  2. Secure Fund Storage: The wallet provides a safe environment for users to store their funds.

  3. Fee-Free Cashouts: Users can enjoy free cashouts on international transfers, making it more economical to access their money.

  4. Convenient Transactions: Users can pay for utilities, buy airtime, and settle bills directly from the wallet, enhancing convenience.

Infrastructure and Accessibility

To ensure that the Mukuru Wallet is accessible to all, Mukuru has set up a network of 250 service points throughout Zimbabwe. This infrastructure is crucial for providing consistent cash availability, especially for those in underserved communities. The company aims to eliminate the challenges associated with cash shortages and unreliable access to financial services.

Future Plans and Partnerships

Mukuru is not only focusing on individual users but also plans to expand its services to businesses. The wallet will facilitate payroll management for small enterprises and secure aid distribution for organizations. Partnerships with entities like Cottco, the World Food Programme, and UNICEF are already in place, showcasing Mukuru's commitment to enhancing financial inclusion across various sectors.