MARTIN MAWAYA
Harare- Next-generation financial services provider Mukuru has been awarded a Deposit-Taking Microfinance Institution (DTMFI) license in Zimbabwe.
This milestone achievement aligns with the country’s National Financial Inclusion Strategy, which is spearheaded by the Reserve Bank of Zimbabwe.
Mukuru’s Group CEO, Andy Jury, expressed excitement about leveraging the company’s extensive network and digital capabilities to further empower underserved communities, particularly SMEs, women, youth, people with disabilities, and rural populations, to drive greater financial inclusion across Zimbabwe.
“Relevant financial inclusion depends on the uptake of products and services. To this end, Mukuru’s trusted brand and reputation as a reliable financial services provider is expected to support the building of customer trust and drive the adoption of digital offerings,” explained Jury.
Mukuru Zimbabwe Financial Services CEO, Doug Tait-Knight, stated that the DTMFI license will enable the company to deliver innovative digital solutions that address the specific needs of its customers, from those in wheelchairs who struggle to access cash from ATMs to small business owners seeking to grow their enterprises.
“DTMFI service offerings cut out travel costs and enhance secure and inclusive practices as money does not need to be collected. Our DTMFI license will enable us to help more people along their digital financial inclusion journeys,” said Tait-Knight.
With over 250 owned access points, 40% of which are in rural areas, and more than 500 partner access points across the country, Mukuru is uniquely positioned to bridge the gaps between formal and informal financial services in Zimbabwe, unlocking new economic opportunities through the provision of innovative financial products.
This strategic alignment with Zimbabwe’s National Financial Inclusion Strategy is expected to have a significant impact on the lives of underserved communities, driving economic growth and digital transformation.
