Zimbabwe: Agent Banking Promotes Financial Inclusion

The Reserve Bank of Zimbabwe (RBZ) said yesterday the country has about 40 000 agents providing financial services under a concept the central bank approved to promote financial inclusion. Latest statistics from the central bank as at the end of March this year show that the country has 35 000 mobile payment agents while there are over 3 000 bank agents.

"The Reserve Bank has approved the adoption of agent banking models by banks seeking to increase proximity of financial service products and services to the public, including rural areas," said deputy governor Dr Charity Dhliwayo.

The agents provide banking services on behalf of banks, complementing the existing brick and mortar branches that are mainly in urban areas.

ZB Bank recently launched its agent baking services model named Pauri/Khonapho following in the footsteps of Steward Bank.

Under its five-year financial inclusion strategy, which runs from 2016-2020, the central bank is targeting to improve access to formal financial services from around 69 to 90 percent.

The RBZ is also targeting to double the number of adults with bank accounts to about 60 percent of the adult population during the same period.