This is the first development since Mukuru was awarded a deposit taking license in the country.

Mukuru has launched its second mobile wallet in Southern Africa, allowing users to send and receive money locally and internationally.

The fintech company announced the Mukuru Wallet for Zimbabwe yesterday, following the debut of a similar wallet in Malawi a few months ago.

The wallet's launch in Zimbabwe comes after the Reserve Bank of Zimbabwe recently granted Mukuru a Deposit-Taking Microfinance Institution licence.

Mukuru said the wallet offers various advantages, including two pockets that allow users to send and receive money locally and globally using mobile phones, secure storage of funds, and a free cashout on international transfers.

Mukuru Zimbabwe Financial Services CEO, Doug Tait-Knight, commented: “The wallet environment enables us to start providing additional value such as allowing more affordable domestic money transfers, supporting safety by eliminating the need for customers to walk around with large sums of money, and providing convenience and cost savings, such as paying for electricity, buying airtime, settling DSTV bills and paying for insurance from their couch. Our use of multiple channels also ensures accessibility for our customers.”

According to Marc Carrie-Wilson, CEO of Send Money Home Zimbabwe, Mukuru Wallet is a significant step in the country because the company has already established a respected brand by consistently ensuring cash availability when needed.

He explained: “To avoid disappointing people who travel long distances to receive their remittances which they use for food, school fees and other essential services, we now have 250 of our own service points. 

"With a network stretching across urban and rural areas, we can reach more people than ever, providing constant cash availability and valuable digital solutions, such as the Mukuru Wallet, to the underserved communities.”

The fintech company went on to say while currently focusing on private end users, soon organisations will be able to partner with Mukuru to make use of its local capabilities and global footprint to facilitate payments, such as distributing money to farmers, supporting payroll for small businesses and securing traceable aid distributions.

It said: “Various organisations such as Cottco and the United Nations, through the World Food Programme, and the United Nations Children’s Fund already partner with Mukuru.”

Kevin Nyakotyo, Mukuru’s enterprise sales manager for Zimbabwe and Zambia, added: “The Mukuru Wallet will make receiving these large sums of money far safer because beneficiaries won’t need to draw all their cash at the same time.

“We have a mandate to educate the market based on trends we see, and with this wallet, we are reaching out to both organisations and individuals and giving them peace of mind to know their funds will be safe and can be collected at any time. 

"They can draw an amount that suits them with full confidence the cash will be available wherever they are, whenever they need it.”