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ZMF Managing Director meets the  RBZ Governor

The ZMF Managing Director, was part of a Microfinance Sector Delegation that paid a courtesy call on the RBZ Governor on 6 June 2024.  The Governor’s immediate comments, among others were:

  • The microfinance sector is a very important sector in that some of the people in the remotest areas benefit through MFIs but certainly MFIs can and should do better
  • He implored DTMFIs to take deposits in rural areas as lack of their presence is stifling ZIG roll out
  • He indicated that MFIs should reduce competing for urban clients and /or civil servants but can think of new innovative products e.g. NSSA pensioners
  • The Governor also noted that whilst he is not a fan of interest rate caps there was need for responsible lending because invariably the poorest end up paying the most due to exorbitant cost of loans
  • He also took note of the sterling work which the Zimbabwe Microfinance Fund (ZMF) was doing in providing loans for the microfinance sector
  • Overall, the Governor commended the sector for a job well done in financial inclusion and encouraged ZAMFI and ZMF to do more so that Zimbabwe attends the envisioned upper middle-class status



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