Mukuru Financial Services Zimbabwe has officially entered the mobile money space with the launch of the Mukuru Wallet, a move set to shake up the industry and challenge established players like EcoCash and InnBucks.

The announcement comes after Mukuru secured a microfinance licence from the Reserve Bank of Zimbabwe (RBZ) in December, granting it the regulatory approval to expand its financial services.

The Mukuru Wallet allows users to send and receive money, pay bills, and make purchases conveniently using their mobile devices. Mukuru says the platform is designed to cater to both the banked and unbanked populations, aiming to provide accessible and affordable financial services to Zimbabweans.

In a statement, Mukuru highlighted the company’s commitment to improving financial inclusion in Zimbabwe. "The Mukuru Wallet is a game-changer for Zimbabwe's mobile money market. We believe in empowering individuals and businesses by offering reliable and innovative financial solutions," the company said.

Mukuru’s entry into the market comes at a time when competition among mobile money platforms is heating up. EcoCash, a subsidiary of Econet Wireless, has long dominated the sector, while InnBucks, launched by Simbisa Brands, has gained traction for its integration with popular fast-food outlets. Mukuru is banking on its established brand reputation in remittances and its extensive agent network to gain a foothold in the competitive market.