Mukuru Financial Services Granted Microfinance License in Zimbabwe

Mukuru Financial Services Zimbabwe Limited has received a significant boost in its operations following the issuance of a license to conduct deposit-taking microfinance business. The announcement was made by the Reserve Bank of Zimbabwe (RBZ) in a public notice dated December 16, 2024.

The new license enables Mukuru to offer small loans to individuals and small to medium-sized enterprises (SMEs), a move that is expected to enhance financial inclusion across the country. Mukuru, which was initially licensed in October 2024, has since fulfilled all the regulatory requirements under the Microfinance Act [Chapter 24:30], paving the way for its entry into the microfinance sector.

Meeting Zimbabwe’s Financial Needs

The Registrar of Microfinance Institutions, Phillip Madamombe, highlighted the milestone, stating, “Mukuru Financial Services Zimbabwe Limited has been authorized to conduct deposit-taking microfinance business in terms of the Microfinance Act [Chapter 24:30], with effect from 16 December 2024.”

This development positions Mukuru as a competitive player in Zimbabwe’s microfinance industry, which already features prominent names such as EcoCash, Innbucks, OneMoney, and OMari. By extending small loans, Mukuru aims to support underserved communities and empower SMEs to grow their businesses.

Mukuru’s Growing Footprint

While Mukuru is already renowned for its money transfer services, this new venture marks a significant expansion of its offerings in Zimbabwe. The company operates in 27 countries, including South Africa, Zambia, Uganda, the United States, and the United Kingdom, and its entry into the microfinance space is expected to bolster its presence further.

A Path Toward Financial Inclusion

As Zimbabwe continues to grapple with economic challenges, access to affordable credit remains a key concern for many. Mukuru’s deposit-taking microfinance services are anticipated to address this gap by offering tailored financial solutions to individuals and SMEs that might not have access to traditional banking services.

With the license now in effect, Mukuru has the potential to transform lives and businesses in Zimbabwe, fostering economic growth and financial resilience in communities across the country.

This move underscores Mukuru’s commitment to innovation and adaptability as it continues to expand its impact both locally and globally.