The country is set to implement a series of digital payment reforms and financial inclusion strategies aimed at formalising the informal sector and boosting participation in the formal economy.
Speaking during a post-Cabinet media briefing, yesterday, Minister of Information, Publicity and Broadcasting Services, Dr Jenfan Muswere, said the measures follow a benchmarking study visit to India by the Ministry of Finance, Economic Development and Investment Promotion, alongside other Government agencies and the Reserve Bank of Zimbabwe.
“Cabinet considered and approved the Measures to Address Informalisation and Payment Systems, which were tabled before it following a study visit to India,” said Minister Muswere.
He explained that Zimbabwe had drawn key lessons from India’s robust digital payment framework, which will now inform a comprehensive approach to strengthening the country’s digital transaction systems and formalising Micro, Small and Medium Enterprises (MSMEs).
“One of the key measures is putting in place a digital system to register all Micro, Small and Medium Enterprises (MSMEs) in order to come up with a national database. Cabinet also approved the review of the current payment system limits regime across all payment streams, with a view to increasing transactional limits and accommodating the activities of MSMEs,” said Minister Muswere.
As part of efforts to reduce reliance on cash and enhance financial inclusion, the reforms will introduce simplified Know Your Customer (KYC) norms, zero-deposit savings accounts, and no-cost digital wallets tailored to the needs of micro-enterprises.
“The measures also include incentivising the informal sector to participate in the formal banking system. This includes simplified tax filing, digitised licensing processes, and streamlined business registration for MSMEs in order to lower entry barriers,” he said.
Additional efforts will involve creating incentives for businesses to voluntarily formalise, launching national campaigns to promote digital financial literacy, and strengthening partnerships with private sector players to develop low-cost payment infrastructure in underserved and rural communities.
The new measures are expected to expand access to financial services, increase trust in the digital economy, and stimulate broader economic participation across sectors.
