Mukuru Launches Wallet After Securing Microfinance License in Zimbabwe

Mukuru has made a bold stride in the financial sector by obtaining a deposit-taking microfinance license in Zimbabwe, marking a significant milestone in its growth strategy. This move enables Mukuru to expand its services beyond its renowned remittance operations, positioning the company as a key player in the competitive mobile money market alongside platforms like EcoCash, InnBucks, OneMoney, and OMari.

Founded in 2004 as a remittance service provider, Mukuru has grown into a trusted financial services brand known for delivering accessible and affordable money transfer solutions. Over the years, the company has scaled its operations, now serving millions of customers globally, reflecting its commitment to financial inclusivity and community empowerment.

The newly launched Mukuru Wallet marks a strategic shift for the company, entering the mobile financial services arena to offer customers a streamlined way to send, store, and spend money. This development comes as Zimbabwe’s financial sector undergoes rapid changes, with increased competition and innovation reshaping the market.

EcoCash, which has long dominated the sector, now faces growing challenges from new entrants like InnBucks, backed by Simbisa Brands, and OMari, supported by Old Mutual. Mukuru’s entry is expected to inject fresh competition, promising better service options for consumers.

Mukuru’s Wallet launch signals a pivotal moment for the company and the broader financial ecosystem in Zimbabwe. As competition heats up, customers stand to benefit from improved services, innovative solutions, and a more inclusive financial experience tailored to their needs.

Agencies