Many Zimbabweans unable to access finance, study shows

May 22, 2012

Financial inclusion needs to be improved in Zimbabwe, the FinScope Consumer Survey Zimbabwe 2011 has revealed.

Financial inclusion needs to be improved in Zimbabwe, the FinScope Consumer Survey Zimbabwe 2011 has revealed.

Conducted by FinMark Trust, with the Ministry of Finance and the Zimbabwe National Statistical Agency, the research found 40 per cent of the population are financially excluded.

This means they do not use either formal or informal monetary products and services.

While 47 per cent of those living in urban areas are banked, this figure is just 12 per cent among rural residents.

Chief Executive Officer of FinMark Trust Maya Makanjee said bank requirements are too stringent, which prevents people from taking advantage of services.

For example, although 77 per cent of the population do not have proof of residence, this is often demanded by financial institutions.

"Reducing these requirements can help bring more people into the banking sector," she added.

News Day noted that Reserve Bank of Zimbabwe Governor Gideon Gono wants to relax banking regulations in the country to make financial services more accessible.ADNFCR-2976-ID-801368864-ADNFCR