MUKURU Zimbabwe is experiencing remarkable growth as the financial services provider solidifies its position in the country’s remittance market.
The company handled 52% of Zimbabwe’s US$2 billion in diaspora remittances in 2024, underscoring its dominance in the sector.
Chief executive officer of Mukuru Zimbabwe Financial Services Doug Tait-Knight outlined the company’s strategic focus, such as remittance formalisation, regulatory alignment, and long-term investment in Zimbabwe’s evolving financial ecosystem
“Domestic transfers are another area, though it’s a crowded space,” he told the Zimbabwe Independent.
“Then there is the wallet space, where we see big potential as a new player with high expectations.
“Our historically strong ancillary services continue to grow as well. Growth varies — double-digit percentage growth in outbound remittances due to a smaller base, and single-digit for inbound given the larger base, but the value remains strong.
“We have had nothing but positive experiences. Promoting financial inclusion and formal remittances in Zimbabwe hasn’t been a difficult conversation.
“We are fully aligned with the regulator — this is crucial because sustainability depends on it. Without regulatory alignment, we can’t build trust,” Tait-Knight said.
With a strong focus on financial inclusion, Mukuru is leveraging digital channels, strategic partnerships, and an expanding rural footprint to bring affordable and accessible financial services to underserved communities.
“We have already invested heavily, expanding to 250 locations, unusually, 60% urban and 40% rural, unlike competitors who skew 80/20,” Tait-Knight said.
“This strong rural footprint, built on international remittances, supports our financial inclusion goals.
“We see massive opportunities to invest further, strengthen our rural presence, and enhance financial inclusion. There is still plenty of room for improvement.”
Following the award of a deposit-taking licence by the Reserve Bank of Zimbabwe in December 2024, Mukuru last week launched the Mukuru Wallet in Harare.
The wallet offers customers the ability to make secure and seamless transactions from the comfort of their homes. Tait-Knight said the company had ambitious plans to diversify its offerings further.
While remittances play a critical role in Zimbabwe’s economy, a large portion remains informal.
Mukuru is actively working to change this by offering secure, formal channels that are faster, more convenient, and competitively priced.
The CEO noted that the informal sector presents a significant untapped opportunity, even as the formal remittance market continues to grow gradually.
By offering speed, convenience, and competitive pricing, including outbound remittances of up to US$5 000 at 2,8% cost, Mukuru is incentivising users to shift from informal cash transfers to regulated channels.
Looking ahead, Mukuru is also exploring growth in digital wallets and domestic money transfers, despite the competitive landscape.
Tait-Knight believes there are still vast opportunities to strengthen the company’s rural presence and improve service delivery across the board.
With over 17 million customers across Africa, Asia, and Europe, Mukuru has already processed more than 250 million transactions, operating in over 70 countries and across more than 570 remittance corridors.
