CBZ Holdings Limited executive director Phibeon Mutibura says the microfinance sector must continue innovating and reassessing its business models to remain relevant in a rapidly evolving landscape.
Speaking at the 6th National Microfinance Excellence Awards held in Harare on Friday last week, Mutibura said microfinance institutions must position themselves strategically and leverage digital financial services to improve their outreach and increase financial inclusion.
The awards were held by the Zimbabwe Association of Microfinance Institutions.
“I am challenging the microfinance institutions to continue to innovate and ensure that they reassess and revamp their business models, leveraging digital financial services, as the microfinance sector has made significant strides in promoting financial inclusion,” Mutibura said.
However, he added, there was still much work to be done.
The banker’s call to action resonated deeply with attendees, as he highlighted the importance of adapting to the ever-changing landscape of the financial services sector.
“Position yourselves strategically in this era of rapid developments in the technological space and improve your outreach,” Mutibura said.
“We hope the sector continues to take great strides on financial inclusion and that together you will achieve even more.”
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He noted that rapid developments in the technological space presented both opportunities and challenges for the microfinance sector.
“We urge microfinance institutions to be proactive and position themselves strategically to take advantage of the opportunities presented by digital financial services,” the banker said.
The awards honoured institutions that excelled this year.
The event highlighted their role in promoting financial inclusion and economic development, encouraging collaboration and showcasing efforts to improve access to financial services in Zimbabwe.
MoneyMart Finance won the Most Digitised Microfinance Institution award highlighting its effective use of technology in service delivery.
Microplan Financial Services Pvt Ltd were the runner-up.
