Online Reporter
Oliver Kazunga-Senior Reporter
ZIMBABWE has started consultations for the upcoming National Financial Inclusion Strategy III aimed at deepening the impact of financial services on economic growth, with over US$1,5 million required for key national surveys to shape the policy.
The National Financial Inclusion Strategy III (NFIS III), which will run from 2027 to 2031, is expected to mark a major shift in the country’s financial inclusion agenda — moving beyond expanding access under NFIS 1 and improving usage under NFIS II, towards measuring how financial services are transforming livelihoods, productivity and entrepreneurship under Vision 2030.
The process comes at a time when funding for critical demand- and supply-side surveys is under pressure following a decline in traditional donor support.
The surveys, estimated to cost about US$1 551 381,60 — comprising US$812 000 from FinMark Trust and US$739 381,60 from the Zimbabwe National Statistics Agency (ZIMSTAT) — are central to providing evidence for the next phase of financial sector reforms.
In a presentation made on her behalf by RBZ Deputy Director for Financial Inclusion and Bank Supervision, Ms Rachael Mushosho, to mark Global Money Week in Harare on Wednesday, the Apex Bank’s Deputy Governor, Dr Jesimen Chipika, said consultations for NFIS III had already started with key stakeholders across the financial sector.
She said the new strategy would emphasise assessing the real impact of financial inclusion on economic transformation, in line with Vision 2030.
“While NFIS 1 and NFIS II focused on access and usage, respectively, NFIS III will focus on the impact of continued initiatives,” said Dr Chipika.
She said the process was being undertaken in consultation with Government, regulators, financial institutions, development partners and academia to ensure an inclusive and evidence-based national framework.
“The strategy must be evidence-based, informed by comprehensive demand-side surveys. Input from stakeholders will be expected to ensure an inclusive National Strategy document.
“A participatory approach is critically important to the successful implementation of the strategy. Consultation creates a shared vision, generating strong commitment to the cause,” said Dr Chipika.
However, she noted that the financing of critical surveys — historically supported by development partners — was now uncertain, creating a potential gap at a key stage of policy formulation.
To address this, FinMark Trust has proposed a syndicated funding model involving Government, regulators, banks, microfinance institutions and development partners, similar to arrangements used in countries such as South Africa, Kenya, Zambia, Malawi, Tanzania and Nigeria.
The RBZ has since engaged the Ministry of Finance, Economic Development and Investment Promotion, commercial banks and other financial institutions as part of the consultative process.
The NFIS III is also expected to address structural challenges in the financial sector, including high costs of access, rural-urban digital divides, weak financial literacy programmes, poor customer experience in banking, and the rise of unregulated digital lending platforms.
It is expected to strengthen financial sector participation in supporting SMEs, rural industrialisation, youth empowerment and digital financial innovation.
The strategy will be officially launched at the Financial Inclusion Annual Conference scheduled for October this year.
Zimbabwe has participated in Global Money Week since 2015, with the RBZ serving as national coordinator since 2018.
