Finscope conducted an MSME Survey in 2012 which revealed that only 14% of MSME owners in Zimbabwe were banked and 43 percent of MSME owners are financially excluded from either formal or informal financial services

The Finscope Survey carried out in Zimbabwe in 2012 was a major eye-opener as to the extent of financial exclusion in the MSME sector in Zimbabwe:

  • 43 percent of MSME owners are financial excluded from either formal or informal financial services;
  • Only 14 percent utilise products/services from commercial banks and mainly cash related transactions;
  • Up to 50 percent utilise the informal financial sector and
  • Savings are mainly kept at home and borrowing is predominantly from family/friends.

Having read the survey, we took it upon ourselves to develop a lending model to enable us to provide credit to the MSME sector. The model had to address the main barriers to financial inclusion cited such as :

  • Lack of enough money/capital
  • Long Distance from banks.
  • Lack of required formality and documentation such as address and financial records and
  • High bank charges

Therefore taking into consideration the challenges above.

MMF decided to focus on financially excluded;

  • MSMEs
  • Women
  • Youths

Subsequently, since 2014 MoneyMart Finance has;

  • Served over 2000 Micro Businesses
  • Disbursed over $2 million loans
  • 70% of the clients are women
  • Over 50% are youths.

Current areas of operation

MMF has served MSMEs operating in geographical areas which are usually excluded.

  • High density surburbs
  • Peri-urban areas
  • Growth Points
  • Expanding into rural areas.

MoneyMart Finance is on a mission to fight financial exclusion of MSMEs, Women and Youths. In pursuit of this mission, MoneyMart Finance continuosly carries out research into the needs of the financially exluded, in order to develop unique solutions tailor-made to their requirements. MoneyMart Finance supports the efforts of the Reserve Bank of Zimbabwe (RBZ)'s National Financial Inclusion Strategy (NFIS) and the Government of Zimbabwe's ZIMASSET.

Harare Branch

Suite 605, 6th Floor
Batanai Gardens, 57 Jason Moyo, Harare
M: +263 778 765 564
M: +263 772 417 488
T:  +263 04-770525

Mbare Branch

Mbare Branch
Mbare Post Office,
Mbare Harare
M: +263 778 072 977
T: +263 (4) 748 180

Mutare Branch

Suite 3 Ground Floor Towers Complex,
37 Robert Mugabe way
M: +263 774 407 612
T: +263 (220) 202022161

Bindura Branch

767 York Street
ZIMTA Mashonaland Central
M: +263 734 639 855
M: +263 715 174 517

Gweru Branch

Suite 105,
1st Floor CABS
Centre, Gweru
M: +263 773 520 469

Connect with us

©2019 MoneyMart Finance - Creating wealth; Changing lives. All Rights Reserved.