The Reserve Bank of Zimbabwe (RBZ) has emphasized that financial inclusion is crucial for both the stability of the financial sector and overall economic growth.
At the recent Annual National Financial Inclusion Conference in Victoria Falls, RBZ Governor Dr. John Mushayavanhu highlighted that excluding certain groups from financial services can pose risks to financial stability. He stated that inclusivity helps prevent the emergence of parallel markets that can destabilize the economy.
Dr. Mushayavanhu explained that financial inclusion creates a resilient society where everyone can participate in economic activities, leading to sustainable growth and reduced reliance on external funding.
To promote financial inclusion, the RBZ is working with the Ministry of Women’s Affairs to ensure that women, who make up a significant portion of the population but are often financially excluded, can contribute to the economy. He pointed out that micro, small, and medium enterprises (MSMEs), mostly owned by women, are vital for the economy, contributing over 60% to the GDP.
The RBZ is also involved in global initiatives, including the Alliance for Financial Inclusion’s Gender Inclusive Finance Committee, which aims to implement policies supporting gender-inclusive finance.
Data shows that savings and credit cooperatives (SACCOs) can enhance financial access for women and MSMEs, although there is limited information on their performance. The RBZ is collaborating with the Ministry to create a system for monitoring SACCOs and their contributions to the economy.
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Dr. Mushayavanhu stressed the importance of sharing knowledge and best practices across borders to successfully implement financial inclusion policies. The RBZ is actively participating in global forums to improve access to finance for marginalized groups.
He also mentioned the rise of digital financial services as a way to offer opportunities to those relying on unregulated, costly informal systems. The emergence of fintech can help integrate these groups into the formal economy.
The RBZ is working with stakeholders to ensure effective regulation that encourages innovation while managing risks. Additionally, they are launching digital financial literacy campaigns to raise awareness about cybersecurity risks.
Banks have been instructed to enhance their cybersecurity measures and consumer protection efforts as digital services become more widespread. The RBZ has implemented policy changes to support financial inclusion, such as waiving certain bank charges for low-balance accounts and exempting small electronic transactions from fees.
In its April 2024 Monetary Policy Statement, the RBZ mandated that financial institutions develop strategies to improve access for persons with disabilities. As technology reshapes financial services, the RBZ is also urging banks to provide digital financial literacy programs to empower underserved communities.
Dr. Mushayavanhu concluded that financial education and consumer protection are vital to ensuring that marginalized groups can make informed financial choices. Reserve Bank of Zimbabwe
