Mukuru Introduces Mobile Wallet Services in Zimbabwe

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Mukuru has introduced its mobile wallet in Zimbabwe, the Mukuru Wallet, following its receipt of a Deposit-Taking Microfinance Institution (DTMFI) licence from the Reserve Bank of Zimbabwe. This new addition to Mukuru’s suite of financial services is a game-changer, as it enables users to send and receive money both locally and internationally, directly from their mobile phones. It also offers safe storage for funds, with the added advantage of a free cash-out feature on international transfers.

The wallet includes two pockets, which make it easy for users to manage and transfer funds for various needs, whether domestic or across borders. Marc Carrie-Wilson, CEO of Send Money Home Zimbabwe, emphasized that the Mukuru Wallet is particularly significant for people in Zimbabwe, as it ensures that cash is always available when needed, even in remote areas. With 250 service points now operational, spanning both urban and rural regions, Mukuru can guarantee accessibility and constant availability of cash for its users.

Mukuru’s new wallet is also positioning itself as a valuable tool for businesses and organizations looking to streamline financial operations. Soon, companies will be able to partner with Mukuru to facilitate payments for various purposes, such as distributing funds to farmers, processing payrolls for small businesses, and managing traceable aid distributions. Mukuru already has existing partnerships with organizations like Cottco, the World Food Programme, and UNICEF, showcasing the company’s global capabilities and local reach.

This launch follows Mukuru’s recent entry into Malawi with the introduction of the Mukuru Wallet in October 2024, signaling the company’s rapid expansion in Southern Africa. By entering Zimbabwe’s mobile wallet market, Mukuru joins a competitive landscape that includes well-established platforms like EcoCash, One Money, Innbucks, and Omari. However, Mukuru aims to distinguish itself with its solid reputation for cash availability and the ability to provide valuable digital solutions to underserved populations.

Financial inclusion in Zimbabwe has made significant progress in recent years, thanks in large part to the proliferation of mobile money platforms. These services have revolutionized the way people access and manage their finances, particularly in rural and underbanked areas, where traditional banking services are limited or unavailable. Mukuru’s wallet is set to further deepen this impact by providing both a local solution and an international reach.

The launch of the Mukuru Wallet is a major milestone for Mukuru, reinforcing its commitment to providing accessible financial services in the region. As mobile money continues to grow in Africa, platforms like Mukuru are helping bridge the financial inclusion gap, ensuring that more individuals and businesses can access essential financial services to support their daily needs and long-term goals.

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