THE Ministry of Finance says the Mukuru Wallet will bridge the gap in financial inclusion in the country for underserved rural populations, including women, youth, and people with disabilities.
Speaking at the launch in Harare, Deputy Minister of Finance Kudakwashe Mnangagwa said the rollout of the Mukuru Wallet is an opportunity due to the significant impact of diaspora remittances on Zimbabwe’s current account surplus by providing a user-friendly transaction solution.
He said in 2024, Mukuru facilitated 52 percent of Zimbabwe’s estimated US$2 billion remittance inflows, demonstrating its significant role in driving financial inclusion.
“This launch aligns closely with Zimbabwe’s National Financial Inclusion Strategy, which continues to be a priority agenda for the country as it facilitates inclusive transformation and shared prosperity by empowering the marginalised communities such as women, youth, and persons with disabilities. With your widely distributed branches across the country, especially in rural areas and in remote areas, Mukuru is driving the government’s agenda of ensuring financial inclusion,” he said.
The development follows after the financial services company was awarded a deposit-taking microfinance institution license by the Reserve Bank of Zimbabwe in December 2024.
Mukuru Zimbabwe chief executive Doug Tait-Knight said the company’s offerings have expanded to include international aid, payroll, and agricultural payments.
“We continue today to push the boundaries of service delivery and increase convenience in urban and rural settings. Innovation and pushing the boundaries of what is possible in the financial sector cannot be done in isolation. We have had the privilege of working closely and successfully with an open responsive and understanding regulator,” he said.
The Mukuru Wallet allows the financial services company to provide more advanced financial solutions and fulfills its commitment to leveraging technology to bridge financial gaps and accelerate digital adoption.
“This innovation is a direct response to the needs of our customers, many of whom have historically travelled long distances to receive their remittances for essential expenses like food, school fees, and healthcare. The Mukuru Wallet changes this reality, enabling customers to make transactions from the comfort of their own homes,” Mukuru said.
Mukuru is a leading financial services platform, serving over 17 million customers across Africa, Asia, and Europe. Mukuru’s operations now span over 70 countries and more than 570 remittance corridors.
With more than 250 million transactions to date, the company has expanded beyond international money transfers to provide a full range of financial solutions tailored to its customers’ needs.
