MukuruPay Enhances Financial Inclusion for Zimbabwe Tobacco Farmers

By Staff Writer

HARARE – MUKURU, a leading financial services platform, is significantly streamlining payment processes for key players within Zimbabwe’s tobacco industry through its MukuruPay platform.

The initiative addresses long-standing challenges faced by tobacco leaf buyers and other enterprises in efficiently disbursing funds to a vast network of growers.

The tobacco sector remains a vital economic driver for Zimbabwe, contributing substantially to export earnings and rural livelihoods.

The 2024 auction season, which began in April, is experiencing growth, further emphasising the need for efficient financial mechanisms within the industry.

MukuruPay, previously known as the Enterprise Payments Platform, enables tobacco leaf buyers to disburse bulk funds efficiently.

The system, combined with the Mukuru Wallet, allows smallholder farmers to receive, access, and manage their payments instantly, moving beyond the limitations of traditional mobile money and banking systems often burdened by high fees, delays, and limited rural accessibility.

“Mukuru appreciates that small-scale farmers form the backbone of Zimbabwe’s tobacco industry growth,” said Kevin Nyakotyo, Enterprise Sales Manager at Mukuru.

“However, they face unique challenges that require grassroots understanding and practical solutions. MukuruPay and the Mukuru Wallet are creating a digital ecosystem that empowers farmers and enterprise partners to participate more fully and efficiently.”

Mukuru’s traction in the tobacco sector is evident through its growing partnerships with various industry players, including Premier Tobacco Auction Floors, Munakiri Leaf Tobacco, and Onhardt Tobacco.

“Mukuru has proven its reliability in the humanitarian and agriculture sectors alike. We support bulk payments for NGOs across Zimbabwe and Malawi and hold long-term agreements with partners such as UNICEF and IOM. In 2024, we partnered with over 60 non-profit organisations and managed aid payments for thousands of vulnerable households,” Nyakotyo said.

The Mukuru Wallet, introduced after Mukuru’s licensing as a deposit-taking microfinance institution in Zimbabwe, also enhances access for these farmers.

With over 250 Mukuru branches and booths nationwide, farmers can instantly withdraw their funds, store them securely, or use them to purchase electricity, airtime, insurance, and other essential services.

“We are proud of the progress achieved through our current enterprise partnerships, which are enabling us to play a meaningful role in transforming financial access for Zimbabwe’s smallholder farmers. By combining the enterprise strength of MukuruPay with the everyday convenience of the Mukuru Wallet, we are bridging the gap between cash and digital finance, empowering smallholder farmers to participate fully and confidently in Zimbabwe’s thriving tobacco economy,” Nyakotyo said.