RBZ calls for bank support on marginalised sectors
THE Reserve Bank of Zimbabwe (RBZ) says any banking institution whose strategy does not focus on micro-small-and-medium enterprises (MSME), rural farmers, and youths, is suffocating financial inclusion.
Speaking at the Zimbabwe Independent 2022 Banks and Baking Survey Awards ceremony in Harare on Wednesday, RBZ deputy director of bank supervision Rachel Mushosho bemoaned inadequate data saying this perpetuated gender and age gaps in financial Inclusion.
e survey was under the theme: Ramping up financial inclusion: Casting the net wider!
“Any strategy of a banking institution that does not focus on the target segments such as women, MSME, rural farmers, and youths, is suboptimal. e lack of data perpetuates gender and age gaps in financial inclusion. An effective stakeholder coordination framework involving all relevant stakeholders is crucial.
“For banking institutions that are serious about casting their nets wider, then financial inclusion is definitely a key enabler! You should make use of improved livelihoods and financial capability of the target segments through sustainable usage of financial services and a combination of knowledge, skills, attitudes and confidence to make sound financial decisions,” Mushosho said.
Zimbabwe’s aim is to become an uppermiddle-income economy by 2030.
e NDS1 (2021-2025) is under implementation and one of its objectives is to achieve equitable real GDP growth.
Mushosho added that ramping up financial inclusion will cast the net wider for the banking sector.
“It’s not sufficient to have access to a banking account; the question is if you have a bank account, are you using it? We are trying to link up the financial inclusion strategy to the global context as Zimbabwe is a signatory to the 2020 sustainable development goals (SDGs),” she said.
Mushosho said the central bank has linked its national financial inclusion strategy (NFSI) to the NDS1.