The Reserve Bank of Zimbabwe (RBZ) says it is pleased with the surge in mobile phone banking subscribers from 3.3 million in 2016 to 6.1 million in 2018 and has pledged to continuously promote the adoption of digital financial services as part of its strategy to achieve financial inclusion.

The country’s apex bank has hailed the notable achievements in the implementation of the National Financial Inclusion Strategy 2016-2020 aimed at driving financial inclusivity to support broad-based economic growth.

Reserve Bank of Zimbabwe

Guest of honour at the 25th edition of the Africa World Savings Bank Institute (WSBI) regional meeting, RBZ Deputy Governor Dr Jesimen Chipika challenged members of the grouping to continuously invest in innovative digital financial services in order to promote inclusive economic growth.

“We are on the right course in as far as the financial inclusion strategy. Digital finance is one of our major successes in the financial inclusion drive,” she said.

People’s Own Savings Bank (POSB) Chief Executive Mr Admore Kandlela and Agribank Chief Executive Mr Sam Malaba said they stand ready to cooperate with other members of the association in development of innovative digital financial services that will promote financial inclusion.

The meeting has been informative and we have had a chance to exchange notes on how best to harness innovative digital financial services towards financial inclusion.

The WSBI regional meeting which attracted members of the association and financial experts saw the participants exchanging notes on strategies on how best to harness innovative initiatives in accelerating financial inclusion.

In 2018 the total number of active mobile phone banking subscribers stood at 6.1 million while volume of mobile transactions surged by 445 percent from 299 million in 2016 to 1.6 billion in 2018.