MUKURU is significantly advancing financial inclusion for smallholder farmers within Zimbabwe’s vital tobacco sector through its MukuruPay platform and Mukuru Wallet.
The leading financial services platform says the integrated solutions aim to address persistent barriers faced by farmers, such as limited access to credit, unreliable payment channels, and delays in receiving earnings.
“Mukuru appreciates that small-scale farmers form the backbone of Zimbabwe’s tobacco industry growth,” Mukuru Enterprise sales manager Kevin Nyakotyo said.
“However, they face unique challenges that require grassroots understanding and practical solutions. MukuruPay and the Mukuru Wallet are creating a digital ecosystem that empowers farmers and enterprise partners to participate more fully and efficiently.”
Tobacco remains a cornerstone of Zimbabwe’s economy, contributing significantly to export earnings and rural livelihoods.
In 2024, raw tobacco exports generated US1,3 billion, an increase from US1,15 billion in the previous year, driven by robust global demand and improved growing conditions.
The current auction season, which commenced in April and extends through August, is experiencing further growth due to favourable rainfall, an uptick in registered growers, and supportive government policies.
Through the MukuruPay platform, previously known as the Enterprise Payments Platform, Mukuru enables leaf buyers to disburse bulk funds efficiently, and together with the Mukuru Wallet, it allows smallholder farmers to receive, access, and manage their payments instantly.
Before MukuruPay, organisations relied heavily on traditional mobile money and banking systems, often burdened by high fees, delays, and limited rural accessibility.
Mukuru is gaining traction in the tobacco sector through partnerships with a growing range of industry players across various scales and operating models.
These include entities such as Premier Tobacco Auction Floors, Munakiri Leaf Tobacco, and Onhardt Tobacco, among others.
“This growing momentum reflects the versatility of MukuruPay and supports a projected 500 percent increase in platform usage during the 2025 season,” Mukuru said.
The Mukuru Wallet, introduced after Mukuru’s licensing as a deposit-taking microfinance institution in Zimbabwe, also enhances access for these farmers.
With over 250 Mukuru branches and booths nationwide, farmers can instantly withdraw their funds, store them securely, or use them to purchase electricity, airtime, insurance, and other essential services.
“By combining the enterprise strength of MukuruPay with the everyday convenience of the Mukuru Wallet, we are bridging the gap between cash and digital finance, empowering smallholder farmers to participate fully and confidently in Zimbabwe’s thriving tobacco economy,” Nyakotyo said.
Mukuru is a leading financial services platform serving over three million customers in Zimbabwe.