Sign In or Register | Friday, February 7, 2025
AfricaTeam,   12/20/2024 1:56:11 PM Add AfricaTeam as a Friend | Send Message
Africa See Profile
Mukuru’s Awarding of Deposit-Taking Microfinance Institution (DTMFI) Licence - a Boost for Financial Inclusion in Zimbabwe

 This important achievement enables Mukuru to expand on its mission of driving financial inclusion in the country.

 

 
HARARE, Zimbabwe, December 19, 2024/ --
  • Mukuru to drive adoption of digital financial solutions with support of its extensive booth and agent network
  • DTMFI license to amplify Reserve Bank of Zimbabwe’s Financial Inclusion Strategy
  • Cost reduction benefits to be felt by SMEs, women, youth and rural communities

 

Next-generation financial services provider Mukuru (www.Mukuru.com) has been awarded a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe. This important achievement enables Mukuru to expand on its mission of driving financial inclusion in the country, especially among underserved groups such as SMEs, people with disabilities, women, youth and rural communities.



Mukuru’s Group CEO Andy Jury says being awarded the DTMFI licence is a significant milestone for Mukuru because its mission aligns perfectly with Zimbabwe’s National Financial Inclusion Strategy, which is spearheaded by the Reserve Bank of Zimbabwe. “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.”



Jury says Mukuru 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,” explains Jury.



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.



Mukuru Zimbabwe Financial Services CEO 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. 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 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 says.

 

 

Distributed by APO Group on behalf of Mukuru.
Tags:Mukuru’s Awarding of Deposit-Taking Microfinance Institution (DTMFI) Licence - a Boost for Financial Inclusion in Zimbabwe
Bookmark and Share Email Email to Friends Print Print
0
Comments(0)
Please Sign In  or Register  to post a comment.
UserName:
Password:

 
Facebook Twitter YouTube Instagram Linkedin African Music
Push
Post a New Story from your Account, then Vote for it Here by clicking Push



Most Popular
Latest Forums
Latest Polls
Links
Tags
    Nigeria    Kenya    
South Africa    Ghana    
Africa's Top 10 National Parks    The Cost of an African Safari Adventure: From Budget to Luxury    Chol Tut Nyang Emerges as Africa’s Next Supermodel in Nairobi    Egypt    Ethiopia    
Zimbabwe    Uganda    African Development Bank    Africa    Tanzania    The newly appointed members of the Board of Governors of the Central Bank of Liberia (CBL) were inducted in the CBL Board Room on 1 August 2024    Central Bank of Nigeria (CBN) Has Issued a Directive to All Nigerian Banks    Test    Kenya a Hot bed of Investments    Mosi-oa-Tunya Falls "The Smoke That Thunders"    
Media Kit | Site Map | Help | Send Feedback | Contact us | User Agreement | Privacy | About us
Copyright © 2022-2024 "Africa Updates" All rights reserved