The Reserve Bank of Zimbabwe has granted Mukuru Financial Services Zimbabwe Limited authorization to conduct deposit-taking microfinance business under the Microfinance Act [Chapter 24:30].
This development allows Mukuru, renowned for its money transfer services, to now offer small loans to individuals and small to medium-sized enterprises (SMEs).
According to a notice from RBZ Registrar of Microfinance Institutions, P.T. Madamombe, the authorization is effective from December 16, 2024. Reads the notice:
<blockquote>
It is hereby notified that Mukuru Financial Services Zimbabwe Limited, licensed in October 2024, has been authorised to conduct deposit-taking microfinance business in terms of the Microfinance Act [Chapter 24:30], with efffect from 16 December 2024.
</blockquote>
This development means that, in addition to its remittance business, Mukuru now formally competes with EcoCash, Innbucks, OneMoney, and OMari.
EcoCash, which has been the leader in the mobile money sector for about a decade since its launch, faces new competition.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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The Reserve Bank of Zimbabwe has allowed Mukuru Financial Services to take deposits. They can now conduct deposit-taking microfinance business legally. The authorization is effective from December 16, 2024. This means that Mukuru can now help people save and borrow money, following the rules set by the government. It's a big step for Mukuru to become an official financial service provider in Zimbabwe.

Mukuru Now A Deposit-taking Microfinance Business

Mukuru has launched a drive-thru service in Chisipite, Harare for domestic and international money transfers and plans to launch a similar facility in Bulawayo soon.
The drive-thru is one of the South Africa-based financial services platform’s newest locations in Zimbabwe, joining nine other sites which launched in February 2023.
Marc Carrie-Wilson, country manager for Zimbabwe at Mukuru told <a href="https://thefintechtimes.com/mukuru-launches-tenth-money-transfer-drive-thru-in-zimbabwe/">The Fintech Times</a> that the drive-thru idea proved to be the safest and most convenient option for their customers. He said:
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As we increase our footprint in the country, we explored various innovative ideas to push the envelope and challenge the type of locations that we have as a financial services company.
Safety remains a top priority for us, and the drive-thru idea proved to be the safest and most convenient option for our customers.
The Chisipite drive-thru is open from 7 am to 7 pm daily (including public holidays) and comes with a ‘walk-in’ option for customers who wish to register or visit the location on foot.
Out of the ten new locations, Chisipite is the only drive-thru at the moment, but we hope to launch one in Bulawayo in the next phase.
</blockquote>
According to the World Bank, remittances to Sub-Saharan Africa grew an estimated 5.2 per cent to US$53billion in 2022, compared with 16.4 per cent the previous year.
Meanwhile, Mukuru has also launched a series of services in the past few months to build a diverse product offering for customers.
The company has partnered with Multichoice to make paying for DStv more convenient.
Mukuru also formed a partnership with Bereka to deliver money transfers directly to customers across Zimbabwe.
Carrie-Wilson also revealed that Mukuru has an ongoing partnership with wholesaler Metro Peech &amp; Browne, who make purchasing groceries, stationery and appliances more convenient for Zimbabweans.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

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