NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, March 14, 2016

The Reserve Bank of Zimbabwe through various stakeholders is aiming to increase the level of access to formal financial services within the country to 90 percent from 69 percent while improving the proportion of financially included small business to 80 percent by 2020.

The financial sector and the Small and Medium Enterprises and Co-operative Development will, on the same 2020 time lines, ensure that at least 80 percent of the MSMEs have a formal bank account in the name of the business.

The targets are contained in the National Financial Inclusion Strategy which was officially launched last Friday.

The strategy seeks to ensure 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. To help attain the goals, the RBZ, Ministry of Finance and Economic Development will set up a $10 million SME fund by March 31.