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?”