Online Reporter
Oliver Kazunga
Senior Business Reporter
MONEY transfer agency, Mukuru, has been awarded a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe as the financial services firm seeks to extend its mission of driving financial inclusion in the country.
The company has been part of Zimbabwe’s financial services landscape for the past 20 years, serving over three million loyal clients and with an extensive network and digital capabilities. Mukuru has 250 access points of which 40 percent of them are in rural areas.
Furthermore, the financial services firm has more than 500 partner access points available across the country.
In a statement yesterday, Mukuru said the awarding of the DTMFI licence enables the business to enlarge its mission of driving financial inclusion in Zimbabwe.
“We are excited to leverage our extensive network and digital capabilities to further empower under-served communities — particularly SMEs (Small-to Medium Enterprises), women, youth, people with disabilities and rural populations — and drive greater financial inclusion across the country,” said the firm’s group chief executive officer Mr Andy Jury.
He said his organisation is uniquely positioned to bridge the gaps between formal and informal financial services in Zimbabwe by unlocking new economic opportunities through the provision of innovative financial products that enable people to send, store, spend and potentially borrow with ease.
“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,” said Mr Jury.
The company said financial inclusion in Zimbabwe is at its lowest in rural areas — where 63 percent of the population lives.
Mukuru Zimbabwe financial services chief executive officer Mr Doug Tait-Knight was quoted as saying meaningful financial inclusion uplifts communities by enabling them to access financial services and enter the mainstream economy.
“DTMFI service offerings cut out travel costs and enhance secure and inclusive practices as money does not need to be collected.
“Currently, more than 90 percent of people who receive remittances cash them out and so we are well-positioned now to help them along their digital financial inclusion journeys.
“Our deposit-taking microfinance institution licence will enable us to deliver innovative digital solutions that address the specific needs of our customers, from those in wheelchairs who struggle to access cash from ATMs, to small business owners seeking to grow their enterprises.
“We are delighted that our strategy aligns with the national financial inclusion strategy,” he said.
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