NEWS
Mukuru receives Deposit-Taking Microfinance Institution licence in Zimbabwe
Next-generation financial services provider Mukuru has been awarded a Deposit-Taking Microfinance Institution licence in Zimbabwe . This important achievement enables Mukuru to expand on its mission of driving financial inclusion in the country , especially among underserved groups such as SMEs , people with disabilities , women , youth and rural communities .
Financial inclusion in Zimbabwe is at its lowest in rural areas , where 63 % of the population lives . Mukuru , which has been part of Zimbabwe ’ s financial services landscape for the past 20 years , serves over three million loyal customers . Its trusted and extensive network , with digital capabilities , has 250 owned access points , with 40 % of these in rural areas . In addition to this , it has more than 500 partner access points available across the country .
Mukuru ’ s Group CEO Andy Jury says being awarded the DTMFI licence is a significant milestone for Mukuru because its mission aligns perfectly with Zimbabwe ’ s National Financial Inclusion Strategy , which is spearheaded by the Reserve Bank of Zimbabwe .
Andy Jury
“ We are excited to leverage our extensive network and digital capabilities to further empower underserved communities – particularly SMEs , women , youth , people with disabilities and rural populations – and drive greater financial inclusion across the country .”
Jury says Mukuru is uniquely positioned to bridge the gaps between formal and informal financial services in Zimbabwe by unlocking new economic opportunities through the provision of innovative financial products that enable people to send , store , spend and potentially borrow with ease .
“ Relevant financial inclusion depends on the uptake of products and services . To this end , Mukuru ’ s trusted brand and reputation as a reliable financial services provider is expected to support the building of customer trust and drive the adoption of digital offerings ,” explains Jury .
Mukuru Zimbabwe Financial Services CEO Doug Tait-Knight says meaningful financial inclusion uplifts communities by enabling them to access financial services and enter the mainstream economy .
Abu Dhabi Fund for Development announces loan for Velana Airport in Maldives
Abu Dhabi Fund for Development announced an additional loan of US $ 40 million to support the completion of the Velana International Airport project in the Maldives . This follows an earlier loan of US $ 50 million provided in 2017 for the project ’ s initial phases , highlighting the airport ’ s vital role in driving tourism , a key pillar of the Maldivian economy .
The Velana International Airport development project will be expanded to accommodate up to 26 gates for passenger access to aircraft , in addition to a building for international flights . The new expansion will accommodate the increase in the total capacity of the airport , which is expected to reach 7.5 million passengers annually .
Abu Dhabi Fund for Development has been actively contributing since 1976 to supporting and financing many strategic projects in the Maldives . These projects have played a significant role in improving the quality of life for local communities by developing vital sectors such as transportation , energy , tourism , and housing .
The financing agreement was signed by His Excellency Mohamed Saif Al Suwaidi , Director General of ADFD ; and His Excellency Moosa Zameer , Minister of Finance in the Maldives . Several officials from both sides were present at the signing ceremony .
His Excellency Mohamed Saif Al Suwaidi said : “ This funding reflects the critical role of ADFD in driving economic and social development in partner countries through transformative infrastructure projects . The additional support for the modernization and expansion of the Velana International Airport will promote the Maldives ’ growth , as it increases capacity to meet the rising demand from a thriving tourism sector .”
He added that these efforts align with the Maldivian government ’ s development objectives . “ ADFD is committed to deepening its partnership with the Government of the Maldives , collaborating on impactful initiatives that fulfil the aspirations of the Maldivian people , generate employment opportunities , and drive sustainable development .” p
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