Men outnumber females in borrowing money – RBZ
A Credit Registry database has revealed that men overwhelmingly outnumber women across nearly all eligible age groups seeking loans from financial institutions.
The Credit Registry, which went live in 2017, addresses Zimbabwe’s ease of doing business deficiencies relating to getting credit and explores two sets of issues, strength of credit reporting systems and effectiveness of collateral and bankruptcy laws in facilitating lending.
According to the latest figures from the Mid-Term Monetary Policy, as of December 31, 2024, the number of men borrowing in the 31-40 age group stood at 665 283, compared to 350 121 women.
This trend is even more pronounced in the 41-50 age group, where 560 640 men took out loans, more than double the 266 536 women who borrowed during the same period.
The report further reveals that in the 18-25 age group, 74 843 men sought loans, while only 22 695 women did the same.
In the 61 and above category, the gender gap was equally notable, with 79 739 men borrowing compared to just 24 591 women.
As outlined in the mid-term monetary policy, financial institutions and other stakeholders continued to make use of the Credit Registry and private credit bureaus through December 2024.
The sharing of credit information enables better credit risk management and informed decision-making, ultimately fostering financial inclusion and enhancing financial stability.
By 31 December 2024, the Credit Registry maintained a total of 23,51 million searchable records, a significant increase in the number of credit reports available for reference.
Additionally, there was a 27.76 percent rise in cumulative inquiries, up from 4,085,598 on 21 December 2023.
-chroncle
