HARARE – Zimbabwe’s financial inclusion strategy is yielding positive results on the back of an improvement in the number of active bank accounts.
The financial inclusion strategy introduced five years ago is aimed at ensuring all Zimbabweans have access to bank accounts.
The latest data from the central bank indicates that as of December last year active bank accounts had reached 8 million from 1, 4 million in 2016.
The majority of new accounts are youths, women, and the rural folk although urban areas still dominate.
The central bank attributes the improvement to low-cost bank accounts and increased awareness campaigns.
However, market watchers say the success of the financial inclusion strategy will also depend on the bank’s ability to offer low charges and better returns.
HARARE (Bloomberg) Zimbabwean banks have closed about 17% of their branches as an escalation in the number of coronavirus infections spurs lenders to shut their doors for the time being and accelerate a digitization drive.
Of the 300 branches in the country, 10% were permanently closed last year due to the digitization push. An additional 23 branches are now temporarily under lock and key in response to a strict 30-day lockdown that started on Jan. 5, the Zimbabwe Bankers’ Allied Workers Union said.
“There is a high possibility that some may never be re-opened in the foreseeable future,” Shepherd Ngandu, the assistant secretary-general of the union, said by text message.