Financial Inclusion

  • Globally, policy makers are increasingly embracing financial inclusion initiatives to foster inclusive economic growth and social development.

  • Financial Inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.

  • Financial Inclusion is a key enabler to the achievement of the Sustainable Development Goals (SDGs) which are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030.

  • The Reserve Bank of Zimbabwe has therefore adopted a developmental approach to drive financial inclusion in Zimbabwe.

  • The following are some of the benefits of financial inclusion.
  1. freedom from clutches of informal lenders/loan sharks;
  2. enhances financial deepening;
  3. promotes inclusive and equitable economic growth;
  4. boost employment opportunities;
  5. promotes formalisation of the economy;
  6. promote growth of formal sources of credit;
  7. poverty reduction; and
  8. enhances financial stability.