Financial Inclusion in Zimbabwe Financial Inclusion is defined by the Reserve Bank of Zimbabwe (RBZ) as: “The effective use of a wide range of quality, affordable and accessible financial services, provided in a fair and transparent manner through formal/regulated entities, by all Zimbabweans.” The level of financial inclusion is an important measure of enterprise health. [...] In Zimbabwe, 38% of MSMEs identified access to finance as a pressing problem for their enterprise demonstrating the importance of liquidity to their business health (Chaora, 2022)The first step to financial inclusion is the individual and business ownership of accounts, but true inclusion goes beyond just the ownership of an account (with a bank or a mobile money platform), those accounts and part. [...] Reasons for not having financial products: Lack of Finances/ affordability Inflation Lack of knowledge Lack of adequate documentation Trust of system Bureaucracy Level of understanding of laws and procedures Products do not cater for needs Availability: The ability to acquire financial service Usage: The frequency of use of financial service products products available to an MSME 1. [...] Access to insurance was determined to be available to 19% of MSMEs whilst pensions were accessed by 7% of MSMEs Usage [38% of MSMEs Included /62% exclusion] We determined Usage as the frequency of use of a particular financial product or service. [...] SI will continue to track the level of financial inclusion of MSMEs across the ten provinces with the hopes that the financial sector may adapt, and intentionally cater for these businesses.
- Pages
- 9
- Published in
- Zimbabwe
