Andrew
Online Reporter
ZIMBABWE has recorded significant strides in its financial inclusion drive, as 89 percent of adults are now formally served, according to the Zimbabwe National Financial Inclusion Strategy 2 (2022-2026) report.
The latest figure represents a 20 percent growth from 69 percent in 2014.
This has reduced the financial exclusion gap to 12 percent from 23 percent in 2014.
The report also indicates that 95 percent of micro, small to medium enterprises (MSME) are now formally served, up from 18 percent in 2012.
The financial inclusion of women increased to 83 percent in 2022 from 68 percent in 2014, while men that are formally served increased to 85 percent from 70 percent.
This was on the back of increased access to banking products.
In a statement accompanying the Zimbabwe National Financial Inclusion Strategy 2 report, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya said: “The bank championed implementation of the first phase of the National Financial Inclusion Strategy.
“It is pleasing to note the progress made and the impact that financial inclusion initiatives have had on the lives of vulnerable groups including women, youth, MSMEs, rural communities and smallholder farmers.”
RBZ Deputy Governor Dr Jesimen Chipika said initiatives under NFIS II will upscale and deepen financial inclusion and inclusive growth through innovation, digitisation and entrepreneurship development.
“I am pleased to note the significant progress and milestones we, as a nation, have achieved under the first phase of the National Financial Inclusion Strategy, which is testimony to the enriching partnership and collaborative efforts by all the financial inclusion stakeholders under NFIS I,” said Dr Chipika.
Online Reporter