Online Reporter
Rutendo Nyeve, Online Reporter
ZIMBABWE is fast becoming a fertile hub for scalable Financial Technology (fintech) solutions, with local financial giants spearheading this transformation by leveraging technology to bridge financial inclusion gaps and redefine service delivery.
This emerged at the recently concluded Strategy Execution Advisory Talks (SEAT) Summit 2025 held in Victoria Falls. The summit was held under the theme: ‘Harnessing and Optimising Technology for Business Growth and Success.’
Speaking at the summit, Mr Agrippa Mugwagwa, Managing Director of Xarani (FBC Holdings’ fintech company), said banks alone cannot close the financial inclusion gap, as the risks and costs are too high.
He said the answer lies in scalable fintech ecosystems, built on the right pillars and inspired by models already making an impact across Africa.
“Xarani Fintech is pioneering AI-driven solutions to slash costs and expand access. Our AI-powered Know Your Customer (KYC) systems have reduced onboarding costs by 70 percent, which is critical for serving rural populations and informal workers,” said Mr Mugwagwa.
He added that they have established interoperable platforms and partnerships through collaborations with telecommunication companies, banks like Steward Bank and NMB, and government-backed digital ID systems.
Mr Mugwagwa said Zimbabwe’s fintech ecosystem thrives on collaboration, highlighting mobile money agents, USSD banking, and voice-enabled interfaces in local languages as key drivers of inclusion.
Speaking at the same summit, Mr Samuel Matsekete, Group CEO of Old Mutual Zimbabwe and Head of Banking Portfolio for the Rest of Africa, said Old Mutual has also adopted fintech solutions, emerging as a trailblazer with its O’mari mobile money wallet, launched in 2023.
“The platform integrates USD and ZiG wallets, offering insurance, nano-loans, and bill payments—all accessible via feature phones or smartphones. We took this step after realising that 83 percent of adults now use formal financial services, up from 69 percent in 2014, with women’s inclusion surging from 68 percent to 83 percent.
“Behind the scenes, Old Mutual has adopted Robotic Process Automation (RPA), which has slashed manual workloads by 92 percent, reducing errors and costs. Our investments in AI and data analytics enable hyper-personalised services, from credit assessments to funeral plan management,” said Mr Matsekete.
Both financial institutions stressed the importance of partnerships, with Old Mutual’s O’mari integrating with ZimSwitch, Zimbabwe’s national payment switch, while FBC collaborates with telecommunications providers like Econet to expand agent networks.
Regulatory sandboxes, cryptocurrency policies (such as ZiG’s recognition), and open banking mandates were highlighted as critical enablers.
With traditional banking penetration lagging—savings at just 3 percent of GDP and insurance penetration at 3.6 percent—innovators are turning to digital tools to reach the unbanked.
@nyeve14
