Zimpapers Logo

John Mangudya

Business reporter
The Reserve Bank of Zimbabwe (RBZ) said on Monday 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 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 banking 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 percent to 90 percent.

Financial innovation, financial capability, financial consumer protection and micro-finance are the four pillars around which the RBZ has based its strategy.

Dhliwayo said small to medium scale enterprises could also be registered as banking agents as a means to target previously excluded segments such as the informal sector.

The move is aimed at not only encouraging SMEs to formalise, but to also mop up liquidity that is flowing in the informal sector without finding its way to the formal system.

Mobile phone operators have led the way in providing financial services through platforms such as Ecocash for Econet and Telecel’s Telecash that have seen the companies securing the services of thousands of agents across the country.