Tonderai Saharo
Reserve Bank of Zimbabwe (RBZ) Deputy Governor, Dr Jesimen Chipika has hailed the impact that the microfinance institutions are having towards the country’s developmental trajectory.
Speaking during the Zimbabwe Association of Microfinance Institutions (ZamFi)’s annual CEO winter school held at Great Zimbabwe Hotel in Masvingo District last week, the apex bank second in command pledged the bank’s willingness to continue working with MFIs as the country forges ahead in being an upper middle income economy by 2030.
Chipika said this in her key note address that focused on the monetary policy impetus for the growth of the microfinance in Zimbabwe.
This year’s winter school ran under the theme ‘Leading Beyond’ and was attended by over 100 delegates from leading financial institutions in the country.
“I have religiously attended the ZAMFI CEO Winter schools for the past seven years and I am impressed by the work and impact microfinance institutions are having in the country.
“When the winter school ZamFI began it had a few decision makers in the industry attending but, today I am witnessing a full house with senior managers and decision makers in the country a sign that the players put in the sector
“RBZ will continue coming to these forum for discussions on how best we can help each other not only in developing the Microfinance industry but the whole country, ” she said.
Chipika added that microfinance institutions account for 30 percent of financiers in the manufacturing sector and survey has indicated an upward trend of manufacturers in need of microfinance assistance in their businesses.
This owed to flexible requirements needed by the sector in accessing loans as compared to the banks.
Statistics has shown that the country has 248 registered microfinance institutions which offers small to long term loans for both individuals and corporates, for personal and business purposes.
ZamFI chairman Saul Chin’anga said he was impressed by the productive interactions MFIs had with the RBZ boss, technologist and rating agencies who presented during the winter school.
“The interactions strengthened the growth of the microfinance industry and it helped us to self-introspect on the challenges and what the future hold for the industry,” he said.
Nyasha Gonese Client Sure Financial Services and business development executive, said participating at the winter school was insightful and helped to shape the growth of the microfinance industry.
“The introduction and stability of the ZwG currency and the general confidence that the nation has on the new currency will certainly propel the MFIs on a growth path.
“It was quite an insightful meeting, we met with the regulator (RBZ) and managed to raise our concerns and also came to understand more on the benefits of financial inclusion in our business,” he said.
