By Archford Chirimudombo
Harare, (New Ziana) – The Zimbabwe government has approved a five-year policy framework aimed at transforming the financial sector into a robust, inclusive and competitive engine for economic growth, titled the Financial Sector Development Strategy (FSDS) 2026-2030.
The strategy seeks to modernise the financial architecture, strengthen the resilience of financial institutions and improve the capacity of the sector to mobilise savings and channel resources towards productive economic activities in support of the development aspirations of the country.
Speaking during a post-Cabinet briefing on Tuesday, the Minister of Information, Publicity and Broadcasting Services, Dr Zhemu Soda, said the strategy, which was presented by the Minister of Finance, Prof Mthuli Ncube, builds on the existing strengths of Zimbabwean financial system while addressing areas requiring further development.
Dr Soda said Zimbabwe’s financial sector, which comprises banking, insurance, pensions and capital markets, remained safe and sound, supported by adequate capitalisation and relatively low levels of non-performing loans.
“In line with the Government’s thrust to transform Zimbabwe’s financial sector into a robust, inclusive, and competitive financial engine for economic growth, Cabinet considered and approved the Financial Sector Development Strategy: 2026-2030, as presented by the Minister of Finance, Honourable Prof M Ncube. The nation is being informed that the financial sector, encompassing banking, insurance, pension, and capital markets, remains safe and sound, underpinned by adequate capitalisation and low non-performing loans,” he said.
He said the strategy was informed by progress recorded in the financial sector, particularly in the banking industry, where deposits had grown significantly over the years, reflecting an expansion in the resource mobilisation capacity of the sector.
According to Dr Soda, bank deposits increased from approximately US$2 billion in 2017 to US$7 billion in 2026, demonstrating the growth of the banking sector and the importance of sustaining public confidence in financial institutions.
He said the government would continue implementing measures to strengthen confidence in the financial system and ensure that it effectively supports national development priorities.
The strategy places emphasis on deepening the financial sector, improving operational efficiency, enhancing financial stability and strengthening the infrastructure underpinning financial services.
Other priority areas include promoting capital market development, expanding access to financial services, improving financial literacy, encouraging financial innovation and maintaining policy consistency to create a predictable operating environment for financial institutions and investors.
These interventions are expected to improve the sector’s ability to serve individuals, businesses and other economic players, while widening access to affordable financial products and services, particularly among underserved communities and small businesses.
“A robust and well-developed financial sector becomes critical in the facilitation of economic growth, investment, and job creation. The Financial Sector Development Strategy: 2026-2030 will therefore foster financial sector deepening, build stability, enhance resilience, promote inclusion and a well-regulated financial system capable of mobilising long-term savings, channeling national savings to productive sectors and supporting sustained economic growth towards the attainment of Vision 2030,” Dr Soda said.
The strategy is also expected to contribute to the modernisation of Zimbabwe’s financial architecture and accelerate the implementation of the National Development Strategy 2 (NDS2), by strengthening the financial system’s capacity to support investment, infrastructure development and private-sector expansion.
Through improved financial intermediation, stronger institutions and broader participation in formal financial services, Government aims to position the sector as a key enabler of sustainable economic transformation.
The five-year framework is expected to provide strategic direction for the development of a more resilient, efficient and competitive financial system capable of supporting Zimbabwe’s long-term economic growth objectives.
New Ziana
