Zimbabwe’s financial inclusion rate increases to 46% according to RBZ survey

December 28, 2022
RBZ | Report Focus News

According to a survey conducted by the Reserve Bank of Zimbabwe (RBZ), the number of Zimbabweans with bank accounts has increased to 3.3 million in 2022, up from 2 million in 2014.

The FinScope report, which surveyed approximately 3,000 people, found that 46% of the country’s seven million adults now have bank accounts, compared to 30% during the last survey in 2014. The report also stated that financial inclusion in Zimbabwe has generally improved, with more adults having access to formal financial products or services in 2022 compared to 2014.

However, the RBZ’s deputy governor, Jesimen Chikipa, noted that the country’s financial inclusion rate of 83% is still below the target of 90% set by the central bank in 2016.

Chikipa attributed the increase in financial inclusion to a strong mobile money transfer system, but expressed concern about the low uptake in the Matabeleland provinces.

Efforts to improve financial inclusion in these areas will be a key focus of the second phase of the National Financial Inclusion Strategy.