Africa-Press – Zimbabwe. VICTORIA FALLS, Aug. 18 (NewsDay Live) – Zimbabwe must harness digital financial services (FSPs) and artificial intelligence (AI) to drive inclusive, long-term socio-economic growth, a financial expert has said.
Gloria Rumbidzai Ndoro-Mkombachoto, who chairs NetOne Financial Services PLC, a subsidiary of NetOne Telecommunications PLC, underscored the paradox facing Zimbabwe, a country with a 92% academic literacy rate, yet only has a 24% financial literacy.
“We have one of the highest academic literacy levels on the continent, but our people still lack the ability to manage money, plan financially, or access and use financial products effectively,” she said, citing data from a 2024 FinScope Consumer Survey.
“This financial illiteracy is not just a personal challenge—it’s a systemic barrier to achieving the UN’s 2030 Sustainable Development Goals.”
Ndoro-Mkombachoto, who is also the co-founder of SustainWise Strategies, was speaking at the inaugural AI Summit for Africa, a high-level gathering of policymakers, technologists and development partners which began in the resort town today.
According to the recent World Bank data, Zimbabwe has seen significant digital progress, including widespread mobile money usage, with 7.1 million mobile wallet holders in a population of approximately 15 million. Digital transactions now account for 96% of all formal sector payments in the country.
Yet, Ndoro-Mkombachoto warned, technology alone was not enough.
“Despite a relatively well-developed digital payments infrastructure, we’re not seeing the inclusive growth we should. Only 54% of MSMEs keep financial records.
“Financial and digital literacy are missing links in the value chain of development,” she noted.
She added that with AI, financial service providers—especially non-banking financial institutions (NBFIs)—can develop scalable, affordable, and secure digital products to reach marginalised populations such as smallholder farmers, informal traders, women, youth and rural households.
“AI offers us an unprecedented opportunity to design with empathy, reach the unreachable, and meet regulatory and sustainability requirements without compromising on inclusion,” she said.
“If we do this right, we unlock not just access, but empowerment—generational wealth, financial literacy, inclusion, and ultimately, financial freedom.”
She called for a coordinated approach combining innovation, education and policy reform to unlock what she termed the “AI-powered frontiers of sustainable socio-economic growth.”
The AI for Africa Summit, which runs through August 20, brings together regional leaders, development finance institutions, and tech innovators to chart Africa’s AI future in sectors ranging from healthcare to agriculture to finance.
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