The financial sector is leveraging on these technological innovations to improve efficiency, lower the cost of financing and improve convenience, speed of service delivery and quality of information provided to users of these services.
Zimbabwe has witnessed a fair share of Fintech growth in several areas, especially in insurance, payments and trading, including the revolution in cryptocurrency.
Some of the notable innovative services and products include mobile money, electronic platforms (such as Zimswitch, Payserv, Paynow money), switching services, crypto currencies.
Several regulatory bodies across the globe have started understudying and exploring the various approaches to regulating Fintech in a manner that balances innovation, inclusion and stability.
In view of the potential of Fintech to enhance efficiencies, reduce cost of doing business and facilitate the inclusion of the base of the pyramid, the Reserve Bank is spearheading the development of a National Fintech framework to guide the adoption, implementation and regulation of Fintech in the financial services sector.