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.
This development means that, in addition to its remittance business, Mukuru now formally competes with EcoCash, Innbucks, OneMoney, and OMari.
