Mobile Phones Driving Zimbabwe’s Financial Inclusion, but Gender Gaps Persist

Wednesday, July 25, 2018

By Lazarus Sauti

An increase in the number of people using mobile phones to carry out transactions including buying in supermarkets, vegetable markets and other related purposes has boosted Zimbabwe’s financial inclusion, where 55 percent of the adult population now have accounts with financial institutions, compared to 33 percent recorded in 2014.

The Global Financial Index 2017 noted that Zimbabwe has accomplished a considerable achievement in enhancing financial inclusion, but also indicated that the country has a long way to go in order to catch up with nations like Kenya, where account ownership is over 80 percent of the adult population.

“Financial inclusion is vital in facilitating people to save money and break away from griping poverty,” noted the financial index. “Zimbabwe can, thus, drive its financial inclusion agenda further up if it digitises payments in sectors like agriculture, insurance and savings,” noted the GFI 2017.

Photo courtesy of fsecart.

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digital finance, financial inclusion, fintech, mobile finance