The Reserve Bank of Zimbabwe
The Reserve Bank of Zimbabwe held an outreach program to educate youth on financial literacy targeting this age group so that they can improve financial inclusion in the country at National University of Science and Technology (NUST).
The RBZ celebrated the Global Money Week (GMW) with a public lecture on Financial Literacy for Matabeleland South Province, under the theme, “Plan your money, plan your future.” GMW is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviors necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.
Head of Investor Education at the Securities and Exchange Commission, Farai Mpofu explained how youth can become a responsible consumer of financial services and explained access mechanisms for them in order to enhance financial inclusion.
Learning to save is not just an essential money habit, saving teaches discipline, goal setting and planning. Saving builds security and independence.”
As youths you can create opportunities to earn money not necessarily getting a job to earn money and do small projects which can earn you money that will then plant for your future.
Principal Bank Examiner at Reserve Bank of Zimbabwe, David Zahwe revealed that youth financial inclusion improved significantly from 67 percent in 2014 to 83 percent in a 2022 with only 14 percent of the youth financial excluded down from 26 percent in 2014.
The youth financial inclusion is driven by the uptake of banking products which have increased from 27% in 2014 to 41% by 2022. This is reflected by the entire population with banked adults accounting to 46 percent of the population up from 30 percent in 2014.
National Financial Inclusion Strategy (NFIS) I & II
Financial inclusion is an important element that drives growth and development. Zimbabwe’s first NFIS (2016-2020) (NFIS I), focused on more on access to financial services by the low income and marginalized groups. Significant progress has been registered under NFIS as reflected by the increase in the proportion of adults with access to formal financial services from 69 percent in 2014 to 83 percent in 2022 narrowing gap from 23 percent to 12 percent over the same period.
The NFIS I aimed at eradicating poverty and empower women and youth as well as promote sustainable livelihoods for the less fortunate and support people with disabilities, among others.
Under NFIS I several initiatives that were implemented resulted in improvements in access to finance by the women, youth, rural communities and small holder farmers as well as micro, small and medium enterprises (MSMEs).
The NFIS II (2022-2025) was designed to support and facilitate attainment of the objectives of the NFIS I whose overarching goal is to ensure high accelerated, inclusive and sustainable economic growth as well as socio-economic transformation and development towards an upper middle income society by 2030.
The NFIS II aims to empower all Zimbabweans towards building resilient and sustainable livelihoods through access to and usage of appropriate, affordable, sustainable and quality formal financial services in line with the national development aspirations.
The public lecture was attended by NUST students, Joshua Mqabuko Nkomo Polytechnic and United College of Education.
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