The Reserve Bank of Zimbabwe (RBZ) says including more people in the financial system is crucial for economic stability and growth. At the recent Annual National Financial Inclusion Conference in Victoria Falls, RBZ Governor Dr. John Mushayavanhu highlighted that excluding people from financial services can lead to risks for the entire financial system.
Dr. Mushayavanhu emphasized that financial inclusion helps create a strong society where everyone has the chance to participate in the economy, which is vital for sustainable growth. He pointed out that when more people can access financial services, it strengthens the country’s economy and reduces reliance on outside funding.
The RBZ is working with the Ministry of Women’s Affairs to include women in financial systems since they make up most of Zimbabwe’s population and own many small businesses. Despite this, many women remain excluded from financial services.
Dr. Mushayavanhu also mentioned that savings and credit cooperatives (SACCOs) are important for improving financial access for women and their businesses, but there isn’t enough data on how well these cooperatives perform. The RBZ is collaborating with the Ministry to better track and support SACCOs.
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He stated that financial inclusion requires sharing knowledge and best practices globally. The RBZ is part of the Alliance for Financial Inclusion, which helps improve financial access for underserved groups.
The rise of digital financial services offers new opportunities for people previously reliant on informal and costly options. The RBZ is working with partners to ensure that these digital services are safe and accessible, encouraging banks to enhance their cybersecurity measures and protect consumers.
To support financial inclusion, the RBZ has also directed banks to eliminate certain fees for low-balance accounts and small electronic transactions. Furthermore, they are promoting digital literacy programs to help people make better financial decisions.
Overall, the RBZ aims to empower all Zimbabweans by improving access to financial services, ensuring everyone can participate in the economy