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:
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 :
Therefore taking into consideration the challenges above.
MMF decided to focus on financially excluded;
Subsequently, since 2014 MoneyMart Finance has;
Current areas of operation
MMF has served MSMEs operating in geographical areas which are usually excluded.
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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