RBZ Chief, John Mangudya
THE Reserve Bank of Zimbabwe is targeting national financial inclusion of up to 90 percent by year 2020 from 69 percent as part of efforts to foster economic and social development.
Officially launching the National Financial Inclusion Strategy on Friday RBZ governor John Mangudya said it was important that Zimbabwe pushes for higher financial inclusion as it was one of the drivers of economic growth.
“We cannot increase fiscal space when key players such as smallholder farmers, women, youth, micro-small to medium enterprises are outside the formal banking system.”
The development and implementation of the NFIS is aimed at ensuring the existence of an inclusive financial sector that broadens access to and use of financial services by all with the view of endangering social and economic development.
The last FinScope survey showed that 23% of Zimbabwe’s adult population was financially excluded, only 30% made use of banking services while only 14% of MSME owners were banked, 43% did not use financial products or services and only 1% of the adult population have access to capital.
This is despite the fact that Zimbabwe has high literacy rates.