Financial services platform Mukuru says it has launched a mobile wallet in Zimbabwe called Mukuru Wallet. This follows Mukuru’s award of a Deposit-Taking Microfinance Institution (DTMFI) licence in the country by the Reserve Bank of Zimbabwe.
Building on Mukuru’s capabilities, which already support more than three million Zimbabwean customers, the wallet has several benefits, most notably two pockets that allow users to send and receive money locally and internationally from mobile phones, and safe storage of funds, as well as a free cashout on international transfers.
Marc Carrie-Wilson, CEO of Mukuru company Send Money Home Zimbabwe, says: “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 underserved communities.”
Mukuru Zimbabwe Financial Services CEO, Doug Tait-Knight, adds: “The wallet environment enables us to start providing additional value, such as allowing more affordable domestic money transfers, supporting safety by eliminating the need for customers to walk around with large sums of money, and providing convenience and cost savings, such as paying for electricity, buying airtime, settling DSTV bills and paying for insurance from their couch. Our use of multiple channels also ensures accessibility for our customers.”
The service is currently focused on private end users. However, we are promised that soon organisations will 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.
A number of organisations, such as the Cotton Company of Zimbabwe (Cottco) and the United Nations, through the World Food Programme, as well as the United Nations Children’s Fund (UNICEF), already partner with Mukuru.