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Microfinance institution, Mukuru, announces that obtaining a Deposit-taking Microfinance license could result in cost reductions that will be passed on to customers.

Within the past few days, the Reserve Bank of Zimbabwe announced that Mukuru has obtained a Deposit-taking Micro-finance license. As a result, Mukuru currently holds this license.

Microfinance institution Mukuru announces that obtaining a deposit-taking license will result in...
Microfinance institution Mukuru announces that obtaining a deposit-taking license will result in cost savings, which will be passed on to the public.

Microfinance institution, Mukuru, announces that obtaining a Deposit-taking Microfinance license could result in cost reductions that will be passed on to customers.

In a significant development for Zimbabwe's financial sector, Mukuru has been awarded a Deposit-Taking Microfinance Institution (DTMFI) license. This licence empowers Mukuru to offer a range of financial services, including the Mukuru Wallet and MukuruPay platform, to Small and Medium Enterprises (SMEs), women, youth, and rural communities.

The Mukuru Wallet, introduced post-DTMFI licence, revolutionises payment systems in Zimbabwe. It allows farmers and customers to instantly access, store, and manage their earnings, reducing delays and costs associated with traditional payment methods. With over 250 Mukuru branches and booths across the country, including about 40% in rural areas, customers can withdraw funds, purchase utilities, buy insurance, or save securely.

The MukuruPay platform, on the other hand, streamlines bulk payments for the tobacco industry, a crucial sector for smallholder farmers. It accelerates payments and reduces transaction costs, while partnerships with humanitarian organisations for aid payments support vulnerable populations economically.

Mukuru's Group CEO, Andy Jury, has expressed that this achievement aligns with Zimbabwe's National Financial Inclusion Strategy. With over 500 partner access points available across the country, Mukuru can leverage its extensive network and digital capabilities to empower underserved communities and drive financial inclusion.

The DTMFI licence enables Mukuru to deliver innovative digital solutions tailored to specific customer needs, such as those with disabilities and small business owners seeking growth. By cutting out travel costs and enhancing secure and inclusive practices, Mukuru's services offer a reliable and affordable solution for financial barriers faced by SMEs, women, youth, and rural communities.

Serving over three million loyal customers, Mukuru's mission is to expand financial inclusion, particularly among underserved groups like SMEs, people with disabilities, women, youth, and rural communities. The trusted Mukuru brand and reputation as a reliable financial services provider are expected to support the adoption of digital offerings.

In conclusion, the DTMFI licence equips Mukuru to provide affordable, accessible, and reliable financial services, directly reducing operational costs and financial barriers for SMEs, women, youth, and rural communities in Zimbabwe.

  1. Integrating technology into their services, Mukuru's digital platforms, like the Mukuru Wallet and MukuruPay, aim to enhance business operations in various sectors, particularly the tobacco industry and rural communities.
  2. By expanding its financial offerings with the aid of technology, Mukuru seeks to achieve financial inclusion, tailoring solutions to meet the specific needs of SMEs, individuals with disabilities, women, youth, and rural communities, as part of Zimbabwe's National Financial Inclusion Strategy.

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