LEADING financial services provider Mukuru is reshaping the financial sector landscape in Zimbabwe through its Enterprise Payments Platform (EPP).
EPP, a secure, efficient, safe, and cost-effective solution for collections and bulk payments, is transforming humanitarian aid disbursements to vulnerable refugees and payroll and bulk commercial payments in Zimbabwe, especially in the key farming sector.
Michael Scott, head of group commercial at Mukuru, said innovative partnerships with organisations like Premier Tobacco Auction floors, and United Nations agencies such as the World Food Programme (WFP), WHO, UNICEF and IOM are driving transformation of the financial services sector.
"We are the largest international person-to-person money transfer organisation in Southern Africa that has over the years evolved along with our customers' needs into being a fully-fledged next-generation financial services platform that caters for the emerging African consumers' needs and are not just limited to remittances," Scott said.
Founded in in 2004, Mukuru has diversified its financial services offering to match the needs of unbanked communities, modernise farmers' payment options and incorporate grant distribution for UN humanitarian aid agencies.
Scott highlighted that Mukuru's EPP operates in a unique space between the banking sector and mobile network operators.
With its expansive reach and reliable liquidity, the financial services platform bridges the gap between these sectors by offering crucial banking services in rural and urban areas.
"This is especially vital for Zimbabwe's smallholder cotton, tobacco farmers and agricultural workers who often face challenges in accessing financial services in remote locations," he said.
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He stressed that Mukuru's previous collaboration in 2023 with Cottco, a leading Zimbabwean cotton purchasing company, with an 80% market share streamlined payment processes for farmers.
According to Scott, the EPP program innovation has significantly reduced the burden of unbanked workers in rural areas and farmers travelling long distances to access their earnings.
In 2023, Mukuru processed majority of all payments to small holder cotton farmers through a secure, corporate-run network, ensuring they received their cash in convenient, accessible locations.
“Farmers can leave the auction floor or drop-off points with a Mukuru voucher on their phone, confident they can collect their funds anywhere in the country, without the risk of carrying cash,” he said.
This financial freedom solution has not only enhanced financial accessibility for farmers but also built trust, thanks to Mukuru’s 20-year history in Zimbabwe.
Scott further stated that Mukuru's commitment to financial inclusion extends beyond agriculture.
The company has a longstanding partnership with the WFP to provide cash assistance to vulnerable refugees at the Tongogara refugee camp.
Through this partnership, the company has established a semi-permanent distribution facility at the camp, equipped with tellers, VSAT technology for internet connectivity, and a dedicated team to ensure smooth fund disbursements.
"By providing a reliable, traceable method of cash distribution, we have not only supported refugees but also created job opportunities within the camp. Our tellers are recruited from among the refugees,” he noted.
“This initiative has contributed to both financial inclusion and upward social mobility for the camp's residents, empowering them with a source of income while fostering a sense of stability and hope.”
Some of the benefits of Mukuru’s EPP include funds reaching beneficiaries instantly through cash collection points or digital wallets offering full transaction tracking that enhances transparency, which is vital for aid agencies' financial reporting to secure ongoing funding.
