THE Reserve Bank of Zimbabwe (RBZ) will issue out a framework for financial literacy by the second quarter of this year as it moves to increase financial inclusion.
BY VICTORIA MTOMBA
In his monetary policy statement, RBZ governor John Mangudya said the framework would be required to develop and implement financial literacy programmes for various segments of customers. “A financial literacy framework will be issued by June 30 2016.The framework will ensure that various consumers of financial products are empowered to responsibly interface with financial institutions as well as enforce their rights,” he said.
The bank will also issue detailed guidelines for the operations of bank agents by March 31, 2016.
He said financial innovations have enabled banks to reduce the costs associated with the brick and mortar model infrastructure constraints.
Mangudya said RBZ approved the adoption of agent banking models by banks seeking to increase proximity of financial services to the clients.
Real Time Gross System (RTGs) dominated the value of transactions in 2015 while mobile transactions dominated the volumes of transactions during the period under review.
Statistics from RBZ showed that RTGS values constituted 80,70%. Mobile payments values constituted 7,50%, Automated Teller Machines (6,19%) while internet and Point of sale stood at 2,52% and 2,84% respectively.
Volumes of transactions were dominated by mobile money during the period under review at 87,87% followed by POS ( 5,64%) and ATMs at 5,23%.
Mangudya said the national payment system had a steady growth as depicted by transaction activities on various streams which aggregated $57 billion in 2015.
Mangudya said the RTGS system was upgraded and expected to contribute to the efficient operation of the financial services system in the economy.
“Notably digital financial services are key driver to achieve financial access thereby contributing to financial inclusion and stability. It is therefore imperative for the market and key stakeholders to continue promoting the use of electronic means of payment that are cost effective and efficient for the benefit of the transacting public,” he said.