Mukuru Wallet Debuts, Offers Competition to EcoCash and InnBucks in Zimbabwe
Mukuru Financial Services Zimbabwe has officially launched the Mukuru Wallet, a mobile money platform designed to compete with established players such as EcoCash and InnBucks.
The move comes weeks after Mukuru secured a microfinance licence from the Reserve Bank of Zimbabwe (RBZ) in December.
The Mukuru Wallet allows users to send and receive money both locally and internationally, marking a significant expansion from the company’s traditional focus on international money transfers.
Marc Carrie-Wilson, CEO of Send Money Home Zimbabwe, highlighted the potential reach of the platform:
“With a network stretching across urban and rural areas, we can reach more people than ever, providing constant cash availability and valuable digital solutions, such as the Mukuru Wallet, to the underserved communities.”
Expanding the Competitive Field
EcoCash, the current market leader, and InnBucks, another strong competitor, dominate the Zimbabwean fintech space. Mukuru’s entry into this competitive field is poised to shake up the market. The Mukuru Wallet will also face challenges from O’mari, Old Mutual’s fintech platform.
Despite the competition, Mukuru is confident in its ability to carve out a share of the market. Carrie-Wilson explained the company’s growing physical presence:
“We now have 250 of our own service points.”
Additionally, Mukuru plans to target bulk payments for businesses, a shift beyond its traditional focus on individual customers. Kevin Nyakotyo, Mukuru’s Enterprise Sales Manager for Zimbabwe and Zambia, stated:
“Our success in the end-user sector has enabled us to set in motion plans to enter the business sector. Whether it is for tobacco or cotton, payments made to farmers are often large sums of money.”
Targeting Millions of Customers
Mukuru is setting its sights on the three million customers it claims already use its platform for various services. The company’s comprehensive network, spanning both urban centres and rural communities, is expected to bolster its efforts in providing accessible financial services.
By leveraging its established reputation in international money transfers and combining it with innovative digital solutions, Mukuru aims to become a dominant force in Zimbabwe’s mobile money market.
The Mukuru Wallet is expected to offer enhanced accessibility for users, particularly in underserved areas, setting the stage for increased competition in the industry.
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The post Mukuru Launches Mobile Wallet, Challenges InnBucks & EcoCash in Zimbabwe appeared first on iHarare News.
