MMF and Financial Inclusion

Finscope MSME Survey in 2022 revealed that 40% of MSME owners in Zimbabwe were banked and 3 percent of MSME owners are financially excluded from either formal or informal financial services

The Finscope Survey carried out in Zimbabwe in 2022 was a major eye-opener as to the extent of financial exclusion in the MSME sector in Zimbabwe:

  • 3 percent of MSME owners are financial excluded from either formal or informal financial services;
  • 40 percent utilise products/services from commercial banks and mainly cash related transactions;
  • Up to 42 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 180,000 Happy Clients
  • Disbursed over $80 million loans
  • Financed over 1300 Solar Systems
  • 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.


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