Reserve Bank of Zimbabwe grants Mukuru license to offer small loans

Mukuru Financial Services Zimbabwe Limited has been granted a license to operate a microfinance business in Zimbabwe, the central bank announced in a public notice on Wednesday.

The license, effective December 16, 2024, allows Mukuru to conduct deposit-taking microfinance business, enabling the company to offer small loans to individuals and small to medium-sized enterprises (SMEs).

The license was issued in terms of the Microfinance Act [Chapter 24:30], which regulates the microfinance industry in Zimbabwe.

Mukuru Financial Services Zimbabwe Limited was licensed in October 2024, and the company has now met the necessary requirements to commence microfinance operations.

“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,” Phillip Madamombe, Registrar of Microfinance Institutions, said.

This development marks a significant expansion of Mukuru’s operations in Zimbabwe, where the company is already known for its money transfer services.

With the new license, Mukuru will compete directly with established players in the microfinance sector, including EcoCash, Innbucks, OneMoney, and OMari.

Mukuru operates in 27 countries, including the United States of America, United kingdom, Bangladesh, South Africa, Zambia and Uganda.