Financial Inclusion in Zimbabwe: Lessons from the Commercial Banking Sector

Financial institutions, researchers, and policymakers are taking steps to promote financial inclusion, a crucial aspect for social and economic development. This study explores the extent of financial inclusion (FI) in Zimbabwe’s commercial banks. This study employed a mixed-methods approach. A relationship mapping was conducted on the bank customers’ survey, and a thematic analysis was performed on bank executives to evaluate bank challenges and strategies. The findings confirmed positive strides towards achieving financial inclusion. Gaps in financial inclusion were identified in the high rate of people using informal channels and the limited policies in creating a conducive environment for financial inclusion. The study contributes to the ongoing debate by the World Bank in support of financial inclusion as an effective solution for countries like Zimbabwe, which is experiencing a severe macro crisis. The study adds to the emerging financial inclusion literature, proposing solutions to reduce financial exclusion in developing economies. Based on the study findings, policymakers should create a conducive environment for commercial banks and consumers of financial products and services in Zimbabwe.