Mukuru, a next-generation financial services company, has achieved a significant milestone by securing a deposit-taking microfinance institution (DTMFI) license in Zimbabwe. This development marks a crucial step in the company’s mission to enhance financial inclusion across the country, particularly among disadvantaged populations such as small and medium-sized businesses (SMBs), individuals with disabilities, women, youth, and rural communities.
Announcing the achievement, Mukuru highlighted its commitment to leveraging its extensive network and digital capabilities to empower underserved communities. Andy Jury, CEO of Mukuru’s Group, expressed his enthusiasm: “We are excited to leverage our extensive network and digital capabilities to further empower underserved communities – particularly SMEs, women, youth, people with disabilities, and rural populations – and drive greater financial inclusion across the country.”
Jury emphasized that Mukuru is well-positioned to bridge the gap between formal and informal financial services in Zimbabwe. By providing innovative financial solutions, the company aims to open up new economic opportunities, enabling people to easily transmit, save, spend, and potentially borrow money.
“Relevant financial inclusion depends on the uptake of products and services. To this end, Mukuru’s reputation as a reliable financial service provider is expected to support the building of customer trust and drive the adoption of digital offerings,” said Jury.
Mukuru pointed out that rural Zimbabwe has the lowest level of financial inclusion, with 63% of the population lacking access to financial services. The company, which has been part of Zimbabwe’s financial services landscape for 20 years, serves over three million loyal customers. Its trustworthy and extensive network includes 250 owned access points, with 40% located in rural areas, and over 500 partner access sites spread throughout the country.
Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, underscored the benefits of genuine financial inclusion for communities, enabling them to access financial services and participate in the formal economy. He explained: “DTMFI service offerings cut out travel costs and enhance secure and inclusive practices as money does not need to be collected.”
Tait-Knight further noted that more than 90% of people who receive remittances currently cash them out. With the new DTMFI license, Mukuru is well-positioned to assist these individuals on their digital financial inclusion journeys. “Our DTMFI license will enable us to deliver innovative digital solutions that address the specific needs of our customers, from those in wheelchairs who struggle to access cash from ATMs, to small business owners seeking to grow their enterprises,” he added.
This new license empowers Mukuru to continue its mission of driving financial inclusion and providing tailored financial solutions to meet the diverse needs of Zimbabwe’s population.
