The launch follows Mukuru’s receipt of a Deposit-Taking Microfinance Institution (DTMFI) license from the Reserve Bank of Zimbabwe. The wallet offers features including dual functionality for sending and receiving money domestically and internationally via mobile phones, secure fund storage, and fee-free cashouts for international transfers.
It aims to provide convenient digital financial solutions while addressing challenges such as the need for reliable cash availability. To support its services, Mukuru has established a network of 250 service points across urban and rural areas in Zimbabwe.
This infrastructure is intended to improve accessibility and ensure consistent availability of cash for customers who rely on remittances for essential needs such as food, education, and utilities.
In addition to its role in the end-user market, Mukuru plans to expand its services to businesses. The Mukuru Wallet will support functions such as payroll management for small businesses, secure and traceable aid distribution, and payments to farmers. Partnerships with organizations like Cottco, the World Food Programme, and UNICEF are already leveraging Mukuru’s capabilities for efficient payment solutions.
The platform is also designed to promote safety and convenience by reducing the need for individuals to carry large sums of money. Users can perform transactions such as paying for electricity, buying airtime, settling DSTV bills, and paying for insurance directly through the wallet. Mukuru’s multiple-channel approach aims to make these services accessible to a broad customer base.
Future plans include market education efforts to ensure individuals and organizations are aware of the wallet’s capabilities and benefits. Mukuru seeks to offer both peace of mind and financial flexibility by enabling users to securely manage their funds and access cash as needed.
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