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OpenMukuru Now A Deposit-taking Microfinance Business
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. Reads the notice:
It is hereby notified that Mukuru Financial Services Zimbabwe Limited, licensed in October 2024, has been authorised to conduct deposit-taking microfinance business in terms of the Microfinance Act [Chapter 24:30], with efffect from 16 December 2024.
This development means that, in addition to its remittance business, Mukuru now formally competes with EcoCash, Innbucks, OneMoney, and OMari.
EcoCash, which has been the leader in the mobile money sector for about a decade since its launch, faces new competition.
More: Pindula News
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