Online Reporter
Takudzwa Mangrozah
Herald Reporter
GOVERNMENT is pushing for accelerated financial inclusion reforms to widen access to affordable capital, strengthen inclusive systems and bring women, youths and Micro, Small and Medium Enterprises into the mainstream economy.
Speaking during the Financial Inclusion Technical Specialists Roundtable Discussion in Harare yesterday, Permanent Secretary in the Ministry of Women Affairs, Community, Small and Medium Enterprises Development Dr Mavis Sibanda said the country had made notable progress under the National Development Strategy 1 (NDS1), but emphasis must now shift towards deepening financial inclusion and ensuring underserved communities fully benefit from economic growth.
“As we transition into the next phase under NDS2, our focus must now shift towards deepening these gains. We must scale up access to finance, strengthen inclusive financial systems, accelerate enterprise formalisation and ensure that women, youth and MSME sectors are fully integrated into the mainstream economy,” she said.
Dr Sibanda said the MSME sector remained the backbone of Zimbabwe’s economy, contributing about 60 percent to the Gross Domestic Product while supporting livelihoods for more than 4,5 million people nationwide.
She said women and youths continue to drive local economies despite facing structural barriers that limit access to affordable finance.
“Access to affordable finance remains constrained. Many are excluded by collateral demands, limited credit histories and the realities of operating within largely informal markets,” she said, adding that financial inclusion must remain at the forefront of the national agenda.
Dr Sibanda said Government had introduced various interventions, including the Women’s Microfinance Bank, youth empowerment financing facilities and community funding programmes aimed at supporting entrepreneurs and promoting enterprise formalisation.
She, however, added that bridging the financing gap would require stronger collaboration between Government, financial institutions, development partners and the private sector.
“Strategic public-private partnerships remain the bridge between policy and impact.
“Government provides direction and an enabling environment, the private sector brings innovation and investment, while development partners contribute technical expertise and catalytic funding,” she said.
Dr Sibanda also commended Mercy Corps Zimbabwe and the Embassy of Sweden for supporting financial inclusion programmes targeting underserved communities.
Zimbabwe Association of Microfinance Institutions (ZAMFI) executive director Godfrey Chitambo said exclusion from financial systems continued to affect women and youths, particularly in rural areas where access to information, collateral and financial literacy remained limited.
He said although progress has been made through digital financial services and microfinance initiatives, many women still struggle to access productive loans due to social and economic barriers
“Women and youths must not be left behind. Financial inclusion is not just about access, but about ensuring people can utilise financial services meaningfully to improve their livelihoods,” he said.
Mr Chitambo said there was a need for innovative lending models that recognise alternative forms of collateral, including livestock and productive assets owned by rural women.
He also called for increased financial literacy programmes targeting young people and women entrepreneurs.
Under Sustainable Development Goal 5, Zimbabwe continues to prioritise gender equality and women’s empowerment through improved access to formal financial services and economic participation.
