Governments can support financial inclusion in three key areas.

First, they set the rules and properly regulate the environment for financial inclusion, balancing the drive to bring financial services to the poorest with measures to protect consumers.

Second, governments can promote infrastructure, either financially or by incentivizing private sector investments, to support the expansion of financial services. Such infrastructure might include mobile payment systems, point-of-sale networks, or credit registries, for example.

Third, governments can support financial inclusion by driving transaction volume via electronic deposits of government-to-people payments (e.g., social payments, wages, or pension payments) into financially inclusive accounts. In these three ways, governments can play a crucial role in supporting financial inclusion.

To what extend does the financial inclusion policy address the above, if not entirely, what should the government of Zimbabwe do to ensure financial inclusion is really a reality?

Mobile banking refers to financial transactions conducted over a mobile device. Mobile banking has the potential to reach more people, at a lower cost, and with increased convenience than traditional “brick and mortar” banking services that rely on fixed branches.

With the rapid global expansion of mobile technology, mobile banking is helping vast numbers of previously excluded people access financial services. Mobile network operators, governments, and financial institutions, ranging from large commercial banks to microfinance institutions, recognize and have begun to exploit the potential of mobile banking. A number of governments and their central banks have also embarked on “cash-lite” policies to reduce the use and, therefore cost, of cash in their economies.

How can mobile banking be effectively used to mitigate against the current cash shortages in Zimbabwe?

As people from around the world focus on contributing towards achieving the Sustainable Development Goals, they are exploring ways of possible partnership to increase scale and impact.