Published: 06 July 2025

Financial services provider Mukuru is projecting a 500 percent increase in the use of its MukuruPay platform during the 2025 tobacco selling season, driven by strategic partnerships within the tobacco industry and support from non-governmental organisations (NGOs).

The company says its growing involvement in Zimbabwe's tobacco sector is yielding results, with multiple industry players now integrating MukuruPay into their payment systems.

"In the tobacco sector, Mukuru is gaining traction through partnerships with a growing range of industry players across various scales and operating models," the company said in a statement.

"These include entities such as Premier Tobacco Auction Floors, Munakiri Leaf Tobacco, and Onhardt Tobacco, among others. This growing momentum reflects the versatility of MukuruPay and supports a projected 500 percent increase in platform usage during the 2025 season."

Tobacco remains Zimbabwe's second-largest export earner after gold, bringing in US$1.3 billion in 2024, up from US$1.15 billion the previous year. The growth was spurred by favourable weather conditions, an increase in the number of registered growers, and supportive government policies such as decentralised contract sales and expanded auction floor operations.

Yet despite these gains, smallholder farmers - who make up the backbone of the sector - continue to face financial exclusion. Limited access to credit, unreliable payment systems, and delays in receiving their earnings have long hindered their economic potential.

Mukuru is seeking to change that through its MukuruPay platform, which allows leaf buyers to disburse bulk payments more efficiently. Coupled with the Mukuru Wallet - introduced after the firm was licensed as a deposit-taking microfinance institution - the platform enables farmers to instantly access, store, and manage their earnings.

"Mukuru appreciates that small-scale farmers form the backbone of Zimbabwe's tobacco industry growth," said Kevin Nyakotyo, Mukuru's enterprise sales manager. "However, they face unique challenges that require grassroots understanding and practical solutions."

Nyakotyo said the Mukuru Wallet not only simplifies transactions but also supports access to a broad range of services.

"Farmers can withdraw funds, buy electricity, airtime, and insurance, or save securely through our 250-plus branches and booths across Zimbabwe - 40 percent of which are in rural areas."

The company has also made significant strides in humanitarian support, processing aid payments for thousands of vulnerable households in Zimbabwe and Malawi, through partnerships with organisations such as UNICEF and the International Organization for Migration (IOM).

"In 2024 alone, we partnered with over 60 non-profit organisations, providing vital financial services in both the humanitarian and agriculture sectors," Nyakotyo said.

As the 2025 selling season progresses, Mukuru says it will continue investing in platforms that enhance digital financial inclusion, particularly for smallholder farmers who have long been left on the margins.

"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," said Nyakotyo. "We are proud to play a role in empowering farmers and transforming Zimbabwe's tobacco economy."
- fingaz

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