MUKURU has been granted a deposit-taking microfinance institution (DTMFI) license by the Reserve Bank of Zimbabwe (RBZ), marking a significant step in the company’s efforts to promote financial inclusion nationwide.
The financial services company hailed its revolutionary DTMFI license from the central bank as a significant step toward establishing access to Zimbabwe’s essential financial services, such as banking, credit, savings, insurance policies, and other financial products, in underserved communities.
As the National Financial Inclusion Strategy (NFIS) custodian, the RBZ has prioritised digital transformation as a critical ingredient in the country’s economic transformation agenda.
Awarding Mukuru a DTMFI license accelerates the financial services platform’s drive to unlock these services. This has broader business efficiency implications and is expected to play a key role in reducing poverty by unlocking entrepreneurial opportunities.
Mukuru chief executive officer Andy Jury underlined that the new DTMFI license aligns directly with Zimbabwe’s national financial inclusion strategy, championed by the RBZ.
“We are excited to leverage our extensive network and digital capabilities to further empower underserved communities—particularly SMEs, women, youth, people with disabilities, and rural populations—and drive greater financial inclusion across the country,” he said.
Jury believes Mukuru is uniquely positioned to bridge the gaps between formal and informal financial services in Zimbabwe by unlocking new economic opportunities and providing innovative financial products.
“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,” Jury explained.
As a financial services provider that has been part of Zimbabwe’s digital journey for over 20 years, Mukuru’s DTMFI license further reflects the government’s national goal to ensure that every Zimbabwean has the tools to benefit from the digital economy and build wealth.
Financial inclusion in Zimbabwe is at its lowest in rural areas, where 63% of the population lives.
Mukuru, which has been part of Zimbabwe’s financial services landscape for the past 20 years, serves over three million loyal customers.
Its trusted and extensive network, with digital capabilities, has 250 owned access points, with 40% of these in rural areas. In addition to this, it has more than 500 partner access points available across the country.
Critically, part of the central bank’s NFIS overarching target is to reduce the cost of accessing and using financial services.
To that end, the RBZ has emphasised building resilient and sustainable livelihoods by accessing and using appropriate, affordable, and sustainable quality formal financial services for all Zimbabweans.
Mukuru, one of the largest financial services providers in Southern Africa, is a perfect partner because it is technically equipped and committed to supporting these targets to close the digital gap in the Zimbabwean financial services sector.
Against this background, Mukuru supports the government’s vision to revolutionise the financial landscape by ensuring that every Zimbabwean has the requisite tools to benefit from the digital economy and build wealth.
With a long history of driving financial inclusion in Africa, Mukuru is uniquely positioned to bridge gaps in the financial ecosystem, helping Zimbabweans—from small business owners to individuals in remote areas—unlock new economic opportunities.
This license further empowers Mukuru to expand its transformative offerings to include digital utility and bill payments. By introducing a new payment wallet, Mukuru can eliminate travel-associated costs.
Mukuru Zimbabwe Financial Services chief executive Doug Tait-Knight says 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,” he said.
“Currently, more than 90% 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 DTMFI license 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 added.