A Model for Financial Inclusion: The case of the Retail Industry in Zimbabwe

Inclusive financial systems allow broad access to financial services without price barriers to their use and are likely to benefit poor people and other disadvantaged groups. In Zimbabwe, little research has been done on financial inclusion since it is still a relatively new concept and hence no model has been developed to date. Therefore the purpose of this study is to explore the current extent of financial inclusion and to develop a model for financial inclusion for Zimbabwe’s retail industry. A sample of 16 bank managers and 4 supermarket managers were interviewed. The results indicated that although the retail industry had embraced some of the financial inclusion initiatives, other initiatives were still not being accepted. The resultant model was developed from the identified factors influencing financial inclusion in the study borrowing ideas from the 5Ps of financial inclusion identified in the mid 2010s.