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Mukuru Financial Services Unveils Major Transformation to Boost Financial Inclusion Across Africa

Mukuru Financial Services is going through a major overhaul to increase its influence and promote financial inclusion in Africa.

We are determined to offer accessible, safe, and convenient financial services stated Mr Doug Tait-Knight, CEO of Mukuru, in an interview with The Herald Finance & Business. He stressed that the company’s ability to exercise control over client experiences including transactions, trust, reliability, and innovation is enhanced by controlling its depots.

Mukuru recently acquired a deposit-taking microfinance institution licence, solidifying its position as a top provider of financial services. This achievement was a significant milestone in its journey. With this licence, the company can expand beyond typical cash-based remittances and offer a digital store of value.

“This new licence is a game-changer,” Mr Tait-Knight declared. By utilising this technology, we can provide our consumers a safe digital wallet that facilitates easy money management, transactions, and savings. Adding this to our existing offerings is a logical next step in our mission to promote financial inclusion.

By doing away with the need to physically visit collecting places, the digital wallet gives users a safer and more convenient way to access and manage their funds.

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“We are enabling our customers to make payments for essentials such as DSTV, airtime, and electricity directly through the wallet,” according to him.

Mukuru is focussing on reaching underserved rural populations with its network that is split between urban and rural locations. In order to make sure that everyone can use it, Mukuru has included USSD (Unstructured Supplementary Service Data) technology for people who don’t have cellphones. There are also plans to enhance connectivity in rural locations using options like satellite internet.

In addition, Mukuru is using AI to address concerns like money laundering and comply with regulations. According to Mr. Tait-Knight, AI is crucial for confirming the identity of customers and spotting suspicious behaviour. Additionally, the business is looking into AI to improve credit evaluations, which would enable it to provide more accurate credit ratings derived from consumer behaviour and transaction data.

The objective, according to Mr. Tait-Knight, is to ensure that financial services are accessible in all areas, whether they are little towns or large cities. “If there is demand, we will be there.”

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Mukuru is in a strong position to surpass rivals thanks to its innovative customer service and emphasis on financial inclusion. As Mr. Tait-Knight put it, “our strategy is simple: send, store, spend.”.

Those who aren’t part of the formal banking system don’t have to worry about their financial futures because to Mukuru’s platform, which is designed to cater to the demands of the informal sector.

Using cutting-edge tech and unwavering client dedication, Mukuru is revolutionising financial inclusion in Africa.

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