The number of financially included people in Zimbabwe has reached 83% so far this year, but remains under a 90% target set by the Reserve Bank of Zimbabwe (RBZ) in 2016.
The 83% equates to around 12.45 million people in the country who are now on banking platforms.
According to the deputy governor of the central bank, Jesimen Chipika, the surge is the result of a robust mobile money transfer system. However, concerns remain over the sluggish pace of financial inclusion in Matabeleland provinces, News Day reports.
As part of a presentation to the Zimbabwe Annual Investor Forum in Harare, the deputy governor said the increase was strengthened by the National Financial Inclusion Strategy implemented by the central bank in 2016.
“Financial inclusion is now at 83% against a target of 90%,” Chipika stated. “The 90% was a bit ambitious but we are happy that we are now at 83%, we are doing well,” she said, noting that the financial inclusion rate was as high as 93% in urban areas.
The deputy governor of the central bank added that the most banked provinces were Bulawayo and Harare, yet more needed to be done to boost financial inclusion in Matabeleland North and South provinces.
“We need financial inclusion because historically, Zimbabwe was characterised by an enclave development model — an economy that is only driven by a few,” Chipika told the investor forum.
“The majority was relegated to crumbs (falling) from those that were succeeding. We have to change the economic development model from enclavity to a broad-based model.”
She continued: “If we succeed in financial inclusion, it will bring change to Zimbabwe’s economic model. We saw results of the recent census. It said 61% of Zimbabweans reside in rural areas. What inclusion do we mean if the majority are excluded?”
News you might like
Zimbabwe to announce roadmap to replace Dollars with ZiG
Zimbabwe’s cabinet has announced the approval of a plan to transition from using US dollars to the new gold-backed currency for transactions, the details of which will be presented by the country's Finance Minister, Mthuli Ncube.
posted on 07.08.2024
Zimbabwe seeks investment bank to bolster economic potential
Zimbabwe’s Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, has urged investors to set up an investment bank in the country to capitalise on the numerous opportunities within the economy.
posted on 12.06.2024
Zimbabwe Dollar falls to record low ahead of currency announcement
The Zimbabwean currency has fallen to another all-time low as residents sought refuge in the stability of the US dollar amid speculation the central bank is on the verge of making an announcement regarding the future of the local currency.
posted on 03.04.2024
Zimbabwe to announce roadmap to replace Dollars with ZiG
Zimbabwe’s cabinet has announced the approval of a plan to transition from using US dollars to the new gold-backed currency for transactions, the details of which will be presented by the country's Finance Minister, Mthuli Ncube.
posted on 07.08.2024
Zimbabwe seeks investment bank to bolster economic potential
Zimbabwe’s Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, has urged investors to set up an investment bank in the country to capitalise on the numerous opportunities within the economy.
posted on 12.06.2024
Zimbabwe Dollar falls to record low ahead of currency announcement
The Zimbabwean currency has fallen to another all-time low as residents sought refuge in the stability of the US dollar amid speculation the central bank is on the verge of making an announcement regarding the future of the local currency.
posted on 03.04.2024
Media contact
deVere Zimbabwe’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Zimbabwe’s Head of Public Relations on [email protected] or call +44 2071220925