NEXT-GENERATION financial services platform Mukuru has launched a mobile wallet in Zimbabwe following issuance of a deposit-taking microfinance institution licence by the Reserve Bank of Zimbabwe.
Building on Mukuru’s trusted capabilities, which support more than three-million Zimbabwean customers, the wallet, Mukuru Wallet, allows users to send and receive money locally and internationally from mobile phones, safe storage of funds as well as free cash out on international transfers.
In a statement, Send Money Home Zimbabwe chief executive officer Marc Carrie-Wilson said the wallet will deepen financial inclusion.
“ 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, such as the Mukuru Wallet, to the under-served communities.” he said.
Doug Tait-Knight ,Mukuru Zimbabwe Financial Services chief executive officer said Mukuru was taking its role as a fintech driving financial inclusion.
He said Mukuru is using the wallet to tap into its strength which lies in its robust network and technology.
While currently focusing on private end users, organisations are expected to 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.
Mukuru said it has partnered organisations such as Cottco and the United Nations, through the World Food Programme and the United Nations Children’s Fund.
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“Our success in the end-user sector has enabled us to set in motion plans to enter the business sector. Whether it is for tobacco or cotton, payments made to farmers are often large sums of money. The Mukuru Wallet will make receiving these large sums of money far safer because beneficiaries won’t need to draw all their cash at the same time,” said Kevin Nyakotyo, Mukuru’s enterprise sales manager for Zimbabwe and Zambia.
“We have a mandate to educate the market based on trends we see, and with this wallet, we are reaching out to both organisations and individuals and giving them peace of mind to know their funds will be safe and can be collected at any time. They can withdraw an amount that suits them with full confidence the cash will be available wherever they are, whenever they need it.”
