Harare, (New Ziana)— There is need for a united national effort to strengthen financial literacy and cybersecurity in the microfinance sector as the country moves forward with its digital inclusion agenda, a senior Reserve Bank of Zimbabwe (RBZ) official has said.
Speaking during the official opening of the 3rd Microfinance Technology Summit in Harare on Thursday, RBZ deputy governor Dr Jesimen Chipika said inclusive digital finance can only be effective when supported by widespread financial education and the development of user-friendly platforms, particularly for rural communities.
“Financial education must accompany the rollout of any digital financial product. People need to understand what they are using, why they are using it, and how to use it safely,” she said.
Dr Chipika urged stakeholders ranging from microfinance institutions and financial technology developers to civil society and the government to work together in building a strong financial education campaign tailored for underserved communities, especially those facing literacy challenges.
Being held under the theme “Unlocking the Future of Financial Inclusion Through Technology,” the summit brought together delegates from across Africa and beyond, including Rwanda, Malawi, France, as well as Zimbabwean government officials.
Organized by Rwanda based SNG Events in partnership with the Zimbabwe Association of Microfinance Institutions (ZAMFI), the event highlighted the role of digital tools in bridging the financial gap.
Dr Chipika also emphasized the importance of designing simple, accessible interfaces for rural users and explained the distinction between digitization merely converting information into digital formats and digitalization, which involves transforming business models through technology.
She noted Zimbabwe’s progress through platforms such as EcoCash, OneMoney, and MyCash, and outlined key benefits of digitalizing microfinance including operational efficiency, alternative credit scoring through Artificial Intelligence, and broader client reach.
Meanwhile, Information Communication Technology, Postal and Courier Services Minister Tatenda Mavetera called for enhanced cybersecurity across the microfinance industry.
“The financial sector especially MFIs, handles large volumes of sensitive personal data and is a prime target for cybercriminals. We must work together to create a safe and secure digital financial ecosystem,” she said.
Addressing under the theme “Driving Financial Inclusion through Digital Innovation and Cyber Resilience,” Mavetera urged MFIs to implement multi-factor authentication, encrypt data, and conduct regular cybersecurity audits.
She highlighted the enactment of the Cyber and Data Protection Act, implementation of Statutory Instrument 155 of 2024, and the formation of the Zimbabwe Computer Incident Response Team (ZICSET) as key government efforts to protect the digital economy.
“Cybersecurity is not optional, it’s a shared national responsibility,” she said, noting that Zimbabwe has already licensed over 570 data protection officers.
New Ziana
