Mukuru authorised as DTMI

Rob Burrell: The man that built Mukuru - StartupBiz Zimbabwe — Mukuru founder Robert Burell

Zim Now Reporter

The Reserve Bank of Zimbabwe has announced the authorisation of Mukuru as a Deposit-Taking Microfinance Institution.

“It is hereby notified that Mukuru Financial Services Zimbabwe Limited, licensed in October 2024, has been authorized to conduct deposit-taking microfinance business in terms of the Microfinance Act [Chapter 24:30, with effect from 16 December 2024,” announced RBZ in a statement.

Mukuru joins African Century, Empowerbank Limited, GetBucks, Zimbabwe Women Microfinance Bank, Success Microfinance Bank and a few other registered DTMIs in Zimbabwe.

According to RBZ, as at June 2023 there were 216 registered microfinance institutions, comprising 208 credit-only and 8 DTMIs in Zimbabwe.

Unlike credit only microfinance institutions, DTMIs can offer a wide bouquet of services including savings and current accounts as well as as money transfers, digital financial services, insurance products, and investment opportunities.

Mukuru’s current portfolio includes:

Domestic and International Transfers
Mukuru Card
Mukuru Funeral Cover
Mukuru Groceries
Mukuru Pay
Mobile Wallet Services

This latest move is likely to see it gain market share from traditional banks whose prohibitive terms and charges deter most Zimbabweans operating out of the formal system.

Mukuru was founded by Rob Burrell, a Zimbabwean entrepreneur, in 2004. The company has grown significantly since its inception, evolving from a simple platform for purchasing international talk time vouchers to a leading financial services provider.

The largest shareholder of Mukuru is Emerging Capital Partners, which is involved in various investments across Africa. Additionally, Mukuru has received support from development finance institutions, including the U.S. International Development Finance Corporation.

Mukuru operates in over 50 countries across Africa, Europe, and Asia. This includes significant markets such as South Africa, Zimbabwe, Malawi, Kenya, and several European nations serving +14 million customers and has facilitated over100 million transaction since its inception.