FINANCIAL services provider Mukuru has cemented its position as a key player in Zimbabwe’s remittance sector, facilitating an impressive 52% of the US$2 billion in diaspora remittances recorded in 2024.
This was revealed by David Mnangagwa, deputy minister in the Ministry of Finance, Economic Development, and Investment Promotion, during the launch of the company's wallet in Harare on Thursday.
“The rollout of Mukuru Wallet in Zimbabwe comes at an opportune time, given the substantial impact of diaspora remittances on our current account surplus,” he said.
“By providing a seamless and convenient transaction experience, the Mukuru Wallet will further bolster the resilience of diaspora remittances. Remittances are now estimated at over US$2 billion in 2024 and these have sustained a positive current account over the last six years.
“He (Bongai Zamchiya, Mukuru Zimbabwe Financial Services chairman) informed me that 52% of this US$2 billion was actually transferred through Mukuru. It goes to show the footprint and the impact that Mukuru has had in financial inclusion.”
Mnangagwa emphasised the alignment of the Mukuru Wallet with Zimbabwe’s national financial inclusion strategy, which aims to empower marginalised communities, including women, youth, and persons with disabilities.
“By leveraging digital technologies, financial services can now be extended to historically underserved communities,” he noted.
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The deputy minister also highlighted the role of remittances in poverty alleviation and economic development.
Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, reflected on the company’s journey over the past two decades.
“Our team has been working tirelessly to ensure that our services are accessible to an ever-increasing number of individuals,” he said.
From its humble beginnings with five branches, Mukuru has expanded its network to over 250 branches across Zimbabwe, with a strong presence in rural and remote areas.
Tait-Knight attributed the company’s success to its commitment to innovation and collaboration.
“We have had the privilege of working closely with an open, responsive, and understanding regulator,” he said, expressing gratitude for the conducive environment that has enabled Mukuru to push the boundaries of service delivery.
He said the new licensing as a depository microfinance institution unlocks exciting possibilities, including the introduction of loan products and digital neobanking services.
Mukuru was awarded a deposit-taking licence by the Reserve Bank of Zimbabwe in December 2024.
The licence allows the company to provide more advanced financial solutions, fulfilling its commitment to leveraging technology to bridge financial gaps and accelerate digital adoption.
Andy Jury, Group CEO of Mukuru, emphasised the company’s core values of access, trust, and education.
“For the last 20 years, we have been focused on bridging borders and fueling dreams,” he said.
He said the Mukuru Wallet represents a significant step in bridging the cash and digital divide, offering a product that is accessible, intuitive, and tailored to the needs of its users.
Jury highlighted the importance of trust in the financial services sector.
Mukuru is a leading next-generation financial services platform in Southern Africa, offering affordable and reliable financial services to a customer base of over 17 million across Africa, Asia and Europe.
To date, the company has processed over 250 million transactions, operating in over 70 countries and across more than 570 remittance corridors.
