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.