Financial Inclusion in Zimbabwe: Re-imagining Prospects for Inclusive Stakeholder Involvement and National Development

The purpose of the study is to investigate the successes, gaps, limitations and failures of initiatives to improve financial inclusion in Zimbabwe and their potential impact on achieving citizen-centred inclusive socio-economic development. Our study contributes to the limited knowledge on financial inclusion in Zimbabwe by presenting findings from a 2021 study on the financial inclusion of micro, small and medium enterprises in Zimbabwe. The study’s findings are complimented by a review of other citizen-focused studies on financial inclusion in Zimbabwe. Key findings from this study include notable effort by the supporting system to improve the policy environment, improved access to financial services for women and integration of digital technologies to enhance financial inclusion. However, the empirical evidence from the enterprises indicates continued challenges in both the demand and supply sides and also shows how these are caused by the complex nuances of operating in Zimbabwe, which require urgent attention. The study identifies the current limited commitment by political stakeholders to articulate deliberate policies and programmes that support citizen-centred financial inclusion as a major challenge. We propose a framework for relevant conceptualisation of financial inclusion which involves a deliberate process of citizen engagement in co-designing and co-creating intervention and impact measurement strategies that are responsive to the lived circumstances of the citizens and enterprise.