Mukuru CEO Andy Jury.

Mukuru, a next-generation financial services company, has been granted a deposit-taking microfinance institution (DTMFI) licence in Zimbabwe.

The fintech company announced the milestone yesterday, stating that the achievement allows the organisation to expand its efforts to drive financial inclusion in the country, particularly among disadvantaged populations like as small and medium-sized businesses, individuals with disabilities, women, youth, and rural communities.

Andy Jury, CEO of Mukuru's Group, said: “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.”

According to the jury, Mukuru is well positioned to bridge the gap between official and informal financial services in Zimbabwe by opening up new economic opportunities through the provision of innovative financial solutions that allow people to easily transmit, save, spend, and perhaps borrow.

"Relevant financial inclusion depends on the uptake of products and services. To this end, Mukuru’s reputation as a reliable financial service provider is expected to support the building of customer trust and drive the adoption of digital offerings,” said Jury.

According to Mukuru, rural Zimbabwe has the lowest level of financial inclusion, accounting for 63% of the population.

The organisation, which has been a part of Zimbabwe's financial services landscape for 20 years, has over three million loyal consumers. Its trustworthy and broad network, which includes digital capabilities, has 250 owned access points, with 40% of them located in rural areas.

In addition, it has over 500 partner access sites located throughout the country.

According to Doug Tait-Knight, CEO of Mukuru Zimbabwe Financial Services, genuine financial inclusion benefits communities by allowing them to access financial services and participate in the formal economy.

He explained: "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 enterprise.”