Zimbabwe Emerges as a Fintech Powerhouse in Africa’s Digital Financial Revolution

Zimbabwe is fast carving a name for itself as a dynamic hub for scalable Financial Technology (fintech) solutions, with local financial institutions leading efforts to close the financial inclusion gap and transform the country’s service delivery landscape.

The momentum behind Zimbabwe’s fintech revolution was strongly highlighted at the Strategy Execution Advisory Talks (SEAT) Summit 2025, recently held in Victoria Falls. Running under the theme “Harnessing and Optimising Technology for Business Growth and Success,” the summit brought together key players from across the banking, technology, and regulatory sectors to chart a roadmap for the future of fintech in Zimbabwe.

Fintech: The Catalyst for Inclusion

Speaking at the summit, Agrippa Mugwagwa, Managing Director of Xarani — the fintech arm of FBC Holdings — emphasised that traditional banking structures alone cannot achieve universal financial inclusion due to cost and risk barriers.

“Xarani Fintech is pioneering AI-driven solutions to reduce costs and expand access,” Mugwagwa noted. “Our AI-powered Know Your Customer (KYC) systems have slashed onboarding costs by 70%, which is crucial when targeting rural populations and informal sector workers.”

Xarani has rolled out interoperable platforms integrated with banks like Steward Bank and NMB, mobile network operators, and government-backed digital ID systems. Mugwagwa also highlighted innovations such as voice-enabled services in local languages, USSD banking for feature phones, and mobile money agents as vital tools for reaching underserved communities.

Drawing on regional success stories, he cited Kenya’s M-Pesa as a blueprint for Zimbabwe’s aspirations. “With 650 million smartphone users in Africa and US$500 billion in annual mobile money transactions, the potential for fintech-led transformation is enormous,” he said.

Old Mutual: Embracing Digital Disruption

Old Mutual Zimbabwe has also emerged as a leader in financial innovation. Group CEO Samuel Matsekete shared how the company’s fintech journey is reshaping its service offerings and customer engagement models.

The launch of Old Mutual’s O’mari mobile money wallet in 2023 marked a major leap forward. The platform integrates both USD and ZWG wallets, enabling users to access insurance, nano-loans, and utility bill payments using either a smartphone or a basic feature phone.

Matsekete reported that the uptake of formal financial services has grown significantly — from 69% of adults in 2014 to 83% in 2024, with women’s financial inclusion also increasing from 68% to 83%.

Behind the scenes, the adoption of Robotic Process Automation (RPA) has reduced manual tasks by 92%, slashing operational costs and improving accuracy. Meanwhile, investments in artificial intelligence and data analytics are enabling hyper-personalised services ranging from credit scoring to customised funeral plan options.

Partnerships and Policy: Driving the Fintech Ecosystem

Both FBC and Old Mutual underscored the value of collaboration in scaling impact. While Xarani partners with telecom giants such as Econet to deepen reach, Old Mutual’s O’mari is integrated with ZimSwitch — the national payment switch — for seamless, real-time transactions.

Government policy has also played a key enabling role. Regulatory sandboxes, the formal recognition of digital currencies like ZiG, and open banking frameworks are encouraging innovation while maintaining financial system stability.

Despite these advancements, financial access remains a challenge. Zimbabwe’s savings rate hovers at just 3% of GDP, and insurance penetration stands at 3.6%. Yet, the combination of mobile penetration, local innovation, and supportive regulation is creating a fertile environment for fintech to flourish.

A Digital Future for Inclusive Growth

Zimbabwe’s fintech evolution is not just about convenience — it’s about empowerment. With banks, insurers, telecoms, and fintech startups working together, the country is building a digital financial ecosystem that is more accessible, inclusive, and efficient.

As institutions continue to leverage AI, mobile platforms, and data analytics, Zimbabwe is positioning itself as a leading fintech hub not only in Southern Africa but across the continent.

The shift from traditional banking to tech-enabled financial services marks a pivotal step in the country’s economic transformation — proving that with the right tools and partnerships, inclusive growth is within reach.