The deposit-taking microfinance institution (DTMFI) license should enable Mukuru to strengthen its commitment to financial inclusion, particularly among marginalized populations in Zimbabwe.
Mukuru, a next-generation financial services provider, has achieved a major milestone by securing a DTMFI license in Zimbabwe.
This milestone marks a significant step forward for financial inclusion, aiming to reduce economic barriers faced by SMEs, women, youth, people with disabilities and rural communities.
With this license, the company is now better equipped to meet the financial challenges of rural areas, where 63% of Zimbabwe’s population lives.
With a robust network of 250 access points, 40% of which are located in rural areas, and more than 500 partner points, the company intends to transform the financial services landscape.
« We are excited to leverage our network and digital capabilities to empower underserved communities. This includes SMEs, women, youth and people with disabilities, driving increased adoption of digital financial solutions said Andy Jury, CEO of Mukuru Group.
He said the license enables the company to align its operations with the Reserve Bank of Zimbabwe’s national financial inclusion strategy.
Innovative solutions for specific needs
DTMFI service offerings aim to reduce travel costs while promoting inclusive and secure practices.
« More than 90% of remittance recipients still receive cash. With this license, we can support them in their transition to digital financial inclusion, thanks to adapted solutions, ranging from services for people with disabilities to tools for small businesses said Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services.
Beyond innovation, Mukuru strives to bridge the gap between formal and informal financial services. The company leverages its reputation as a trusted provider and extensive network to build trust and encourage adoption of digital services.
With 20 years of experience and a base of three million loyal customers, Mukuru positions itself as a key player in Zimbabwe’s economic transformation.
This advancement will open up new economic opportunities while strengthening the capacity of communities to access modern financial services.
ARD/Sf/te/APA
