adminZB Financial Holdings, 25 percent controlled by Government, has registered 3 000 agencies to tap the country’s huge unbanked market and channel more resources to the mainstream economy.
The Reserve Bank of Zimbabwe and Government’s economic blueprint Zim-Asset emphasise the need to penetrate both unbanked and underbanked markets.
In the half-year ended June 30, 2015, ZB Financial Holdings recorded a US$4,1 million profit from a loss of US$1,2 million in the same period a year ago.
Separately, insurer Fidelity Life Assurance last week indicated it was mulling products designed for the informal market.
“Due to the economic challenges being experienced, the insurance sector has been affected by low uptake of products, cancellation of policies, policy surrenders and late remittance of premiums.
“The reduction of formal employment as a result of company closures calls for insurance to come up with innovative products that appeal to an informal market particularly in terms of pricing and distribution, which strategy the company will pursue,” said FLA chair Mr Tamayi in a statement accompanying the company’s first-half financials.
FLA’s profit jumped 141 percent to US$3 million from US$1,2 million a year ago.
Bongani Ndlovu
Online Reporter