Exploring the Role of Mobile Banking in Financial Inclusion in Zimbabwe: An Empowerment Perspective

Abstract

The main purpose of the study was to examine the role of mobile banking in banking the unbanked in Zimbabwe.  The key research question for the study is: what government policy is there to facilitate banking the unbanked in Zimbabwe? Observation, document analysis, semi structured and unstructured interviews were used for data collection and a questionnaire designed by the researcher with structured questions and open-ended questions was used to capture the responses of the unbanked. Fifteen semi structured interviews were held for the bank managers, Mobile Network Operators' personnel and Policy Makers and five unstructured interviews were used to capture the life stories of the unbanked, their thoughts, lived experiences and feelings. Four hundred guided questionnaires were initially rolled out but only three hundred and fifty-eight were completed fully. The study revealed that there are no appropriate policies in place in Zimbabwe for banking the unbanked through mobile banking and neither are they practical guidelines for banking practitioners that are specific to banking the unbanked through mobile banking. The research findings show that policy on banking the unbanked will drive provision of affordable, accessible, safe and formal financial services. Further study could also be on the extend of access for loans and how mobile phones can be a channel for repayment and effect on empowerment as costs of mobile banking cascade to the consumers.