Mukuru Wallet Officially Launches in Zimbabwe: How It Works and What It Offers

We attended the official launch of the Mukuru wallet yesterday. As you may remember, Mukuru was awarded a Deposit-Taking Microfinance licence last December by the RBZ, which made the wallet possible.

Mobile money is popular in Zimbabwe, and there are various wallets available. So, why would one choose the Mukuru wallet? Mukuru answers this question this way:

• Guaranteed cash when you need it
• Send money locally for less
• Store your money safely
• FREE cash out on international money received
• Send and receive money from your phone anytime, anywhere
• Buy airtime, electricity, and pay your DStv

That gives you an idea of the benefits of the Mukuru wallet. Before there was a wallet, all you could do when you received funds via Mukuru was withdraw them. The wallet allows for Mukuru’s new slogan, which goes something along the lines of: Send, Store, Spend.

Wallet structure

The wallet has two pockets, and your balance is just the sum of the two pockets’ balances.

One pocket is called the Mahala Cash Out pocket. All international money transfers and aid funds will be placed in the Mahala Cash Out pocket. As the name suggests, this is the one you can cash out from for free.

I think it’s best to think of this pocket as the old Mukuru—you receive money and cash out. The new feature is that you now have the option to transfer funds from this pocket to the other one.

The other pocket is called the Transactional pocket, and again, the name gives it all away. You can transact from this pocket, i.e., buy airtime, pay for electricity, settle DStv bills, and pay for insurance.

All domestic money transfers (DMTs) and cash-ins will be placed in the Transactional pocket. Cashing out of this pocket is not free—it will cost you 1.7% of the amount.

The full fee structure looks like this:

The enterprising Zimbo might be thinking, “Could I not just transfer the funds to the Mahala Cash Out pocket and then withdraw them for free?”

They saw you coming. A customer will be able to transfer funds from their Mahala Cash Out pocket to their Transactional pocket for FREE (but NOT vice versa).

So, if you receive funds and would rather send them to someone else or splurge on some airtime, it won’t cost you a dime to transfer the funds from the Mahala pocket to the Transactional one, which is a good deal in my opinion.

Do note that the RBZ’s limits also apply to the Mukuru wallet:

So, those are the basics you need to understand about the Mukuru wallet.