Africa-Press – Zimbabwe. MUKURU Financial Services Zimbabwe Limited (Mukuru) is banking on new product rollouts and digital innovations over the next 12 months to expand its customer base, it has been revealed.
The company only began operating as a deposit-taking microfinance institution in December 2024, and yet, as of March, had a core capital position equivalent to US$5,1 million, US$100 000 above the regulatory requirement.
In a statement attached to the firm’s financial results for the 15 months ended March 31, 2025, Mukuru chairman Bongai Zamchiya said the company’s functional currency was the US dollar, while its reporting currency was ZiG.
“In the next 12 months, the company’s performance is expected to turn into profitability,” he said.
“The plan is to roll out new products, advance technological solutions, and expand on channels to improve customer experience.”
Zamchiya said the company would also continue to develop its corporate structures in line with business growth.
“The company’s core capital position was ZiG137,7 million as at March 31, 2025, and this translated to US$5,1 million. This was above the current minimum regulatory capital requirement of ZiG equivalence of US$5 million,” he said.
“The shareholders are committed to ensuring the company’s capital position does not fall below the required minimum regulatory capital for the next 12 months.”
The company currently offers digital wallet services that allow customers to store funds, send and receive money, and pay for utilities such as electricity, airtime, DStv and insurance.
This comes as Mukuru is deliberately targeting rural and remote communities with digital financial solutions as part of its financial inclusion drive.
However, Zamchiya said during the period under review, the company made a loss after tax of ZiG20,2 million.
“This was mainly due to pre-opening costs incurred as the company prepared for the commencement of operations. The company’s performance is expected to improve in line with strategy,” he said.
Mukuru obtained its licence as a deposit-taking microfinance institution on October 2, 2024, but only began operations on December 17, two months later.
“The company witnessed exponential growth in customer wallets since inception, and customer balances stood at ZiG19,7 million as at March 31, 2025,” Mukuru chief executive officer Douglas Tait Knight said.
“The company incurred operating losses in its first 15 months to March 2025 primarily due to pre-opening expenses, but despite the losses, the company continued to maintain a strong capital position, which was above the regulatory minimum capital required.”
He said income from various streams continued to grow month-on-month, driven by increased wallet activities by customers and the rollout of new products.
“Hence, it is expected that the business will turn to profitability in its second year of operations,” Knight added.
“The company is expected to continue growing the business with more new and exciting products planned to be rolled out in the coming financial year.
“Our business models continue to be challenged by the dynamic economic environment, but we remain committed to providing excellent services to our customers.”
Mukuru ended the period with a strong balance sheet, having ZiG172,66 million worth of assets at the end of March.
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