Financial institutions urged to embrace digital economy

GWERU – In a bid to rebuild a robust and sustainable microfinance sector in Zimbabwe, financial
institutions have been urged to embrace technology in automating processes, improve efficiency
and deliver financial services to clients at affordable costs.
The call was made by Zimbabwe Association of Microfinance Institutions (ZAMFI) Planning and
Operations Committee chairperson Fungai Chimwamurombe during the second edition of ZAMFI
Summer School held in Gweru last week.
The Microfinance Summer School was held under the theme: “Skills and competencies to survive
new and changed operating environments.”
The primary objective of the Summer School was for players in the financial services sector to
deliberate, discuss, share survival tactics, intelligence issues, surveillance, survival options and to
ensure that institutions come to speed with dynamics and the vagaries of the environment.
In an effort to take financial sector out of the fire, Chimwamurombe urged institutions to find new
ways and opportunities to succeed and survive.
He said the Summer School took place at a time the sector has gone through one of its most difficult
times characterised by post Covid-19 pandemic effects, reduced economic growth, low level of
foreign direct investments, and high cost of doing business.
“The environment has also drastically changed and at times is unpredictable. In this context, the
Summer School will focus on digital economy, technological advancement in microfinance,
sustainability microfinance models, small enterprise financing, new risks and rural financial models
and outreach,” he said.