Financial authorities are intensifying efforts to bring millions of underserved citizens and small businesses into the formal banking system, as policymakers position financial inclusion as a critical pillar for economic transformation under the National Development Strategy II.
Speaking during Global Money Week 2026 celebrations, Reserve Bank of Zimbabwe Deputy Governor, Dr Jesimen Chipika, said the country’s next phase of financial inclusion reforms would shift focus from simply expanding access to ensuring meaningful economic impact.
“While National Financial Inclusion Strategy (NFIS) I and NFIS II focused on the access and usage strands respectively, NFIS III will focus on the impact of the continued initiatives,” Dr Chipika said in a presentation titled Unlocking SME Growth Through Enhanced Access to Formal Financial Services.
The speech painted a picture of an economy where access to financial services has improved significantly over the past decade, but where usage gaps, weak financial literacy and funding shortages continue to undermine broader economic participation.
According to the presentation, Zimbabwe’s first National Financial Inclusion Strategy (NFIS I), launched in 2016, primarily targeted access to financial services, while the second phase focused on increasing actual usage of banking, insurance and credit products.
The latest figures show measurable progress.
“Prior to implementation of the National Financial Inclusion Strategy I (NFIS I), only 69 percent of the population was financially included,” the presentation noted.
Youth inclusion has also improved sharply over the years, with 83 percent of young people now formally served, up from 67 percent in 2014. However, the data also exposes deep structural weaknesses within the financial ecosystem.
“Only 7 percent of youth have bank transactional accounts,” the presentation revealed, while “only 4 percent of youth have access to credit,” and “81 percent of youth have no insurance cover.”
The findings underline a widening gap between access and meaningful participation in the formal economy, especially among younger Zimbabweans and small enterprises.
Dr Chipika said low financial literacy remained one of the biggest obstacles. “The 2022 FinScope Consumer Survey revealed that 49 percent of the Zimbabwean adult population needs financial education,” she said.
The survey identified weak understanding in areas such as budgeting, saving, investing and choosing appropriate financial products.
Financial literacy outreach programmes, according to the RBZ, have therefore become central to the inclusion agenda. “Financial literacy is the bridge between financial inclusion and sustainable financial inclusion,” Dr Chipika said.
Authorities are now pushing financial awareness campaigns through schools, universities, community roadshows and media platforms under the Global Money Week initiative.
This year’s campaign, running under the theme “Smart Money Talks”, seeks to normalise conversations around money management among young people.
“This theme focuses on breaking the taboo around discussing finances,” Dr Chipika said. “It encourages young people to openly talk about money management with family, friends, and experts to build confidence, establish healthy financial habits, and learn how to make informed economic decisions.”
The campaign has rapidly expanded in scale. According to the RBZ presentation, outreach activities conducted in 2025 reached more than six million people, largely through radio programming targeting schools, colleges and universities.
The broader financial inclusion drive also aligns closely with Zimbabwe’s economic blueprints under NDS I and NDS II, where authorities view deeper financial participation as essential for SME growth, innovation, youth development and rural industrialisation.
The central bank highlighted several interventions already introduced to support broader participation in the formal financial system.
These include low Know Your Customer (KYC) accounts, interoperability reforms, SME banking desks, women-focused banking services, micro-insurance products and the establishment of institutions such as the Zimbabwe Women’s Microfinance Bank and Empower Bank.
However, major barriers remain.
The presentation cited “high risk perception”, “poor customer experiences”, “digital exclusion in remote areas” and “high cost of accessing and using financial services” as persistent challenges slowing inclusion efforts.
Particular concern was raised over the growing cost of digital lending and the rise of unregulated lending platforms.
High cost of digital lending, including provision of digital loans by unregulated entities, was identified as one of the key concerns raised during stakeholder consultations ahead of NFIS III.
At the same time, authorities are facing mounting financial pressures in implementing the next phase of reforms.
Zimbabwe’s financial inclusion programmes have historically relied heavily on donor funding, but development financing has weakened in recent years amid what the RBZ described as “significant donor fatigue”.
“As at 19 May 2026, total contributions are at 3 percent of the required total budget,” the presentation revealed regarding funding mobilisation for NFIS III preparations.
The central bank is now pushing for a syndicated funding model that pools resources from the Government, commercial banks, regulators, development partners and microfinance institutions.
“There is a need for home-grown solutions, including involvement of the private sector to fund the activities,” Dr Chipfika said.
Despite the funding constraints, authorities believe the next strategy phase could become more transformative if it successfully shifts focus toward measurable economic outcomes rather than access statistics alone.
With SMEs and informal enterprises dominating economic activity, expanding formal financial participation is increasingly being viewed not merely as a banking issue, but as a national economic growth imperative tied to employment creation, productivity and long-term economic resilience-herald
