His signing comes following the return of centre Will Chambers to Australia and the loss of Tom Gleeson (shoulder) and Troy Smith (knee) to injury.
The 26-year-old Fijian-born Tokula was a member of the New Zealand Sevens squad in 2009 and 2010. He has played 36 times for Waikato since making his debut against Wellington in 2008 and last season played Super rugby with the Chiefs.
With Ireland taking on Italy on Saturday, Munster will of course be without the likes of Ronan O'Gara and Donnacha Ryan who both played such a central role in their bonus point win over Benetton Treviso.
The fit-again full-back came through unscathed as did Tommy O'Donnell, who was also returning from injury as a second half replacement for David O'Callaghan.
Friday's league encounter with the Cardiff Blues at Thomond Park (kick-off 7.05pm) may afford Munster supporters the opportunity to see two of of their recent signings up close, the Blues' Casey Laulala and the newly-arrived Tokula.
Tickets for the Munster v Cardiff Blues game are available on www.munsterrugby.ie and from usual outlets.
There is a special three-match package deal (Munster v Cardiff Blues, Leinster and Ulster) available up to Friday that starts at €50 (Terrace).