Mobile Technology Help Zim Reduce Financial Inclusion Gap

Zimbabwe has made strides in reducing the financial inclusion gap which moved from 23 percent down to less than 2 percent.

The latest development was revealed by the Minister of Finance and economic Development Professor Mthuli Ncube while addressing the 2023 Global Reputation Forum in the House of Lords in England.
Ncube, who was early this week voted the best Finance Minister, said Zimbabwe’s financial inclusion journey had been positive and remained firmly on the right trajectory.

Ncube said Zimbabwe will continue to use technology to explore new ways to drive financial inclusion in the country.
“As a country, we will continue to use technology to explore new ways to drive financial inclusion in the country,” he said.

Professor Ncube said Zimbabwe had witnessed great growth in financial inclusion, reducing the financial exclusion gap from 23 percent to less than 2 percent by last year.

This growth was largely driven by the increased uptake of mobile money services, with 72 percent of households now having access to a bank, microfinance, or mobile account with which to transact digitally.

Ncube said, “Financial technology plays a key role in providing financial services to all levels of society, underserved or marginalised groups including women and youths, micro, small and medium enterprises (MSMEs), rural communities and smallholder farmers, people with disabilities, pensioners and the elderly.”

Ncube also told the meeting that the country has made notable strides in reducing the number of unbanked individuals in the country through various initiatives under the National Financial Inclusion Strategy (NFIS) and will continue to take advantage of technology to roll out further financial inclusion interventions.