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Title
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From Exclusion to Inclusion: Understanding the Financial Landscape of University Students in Zimbabwe
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Creator
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Bronson Mutanda
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Nomlala Bomi Cyril
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Maireva Chrispen
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Mthombeni Admire
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Abstract
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Abstract
In recent years financial inclusion has turned out to be a topical issue among policymakers and academics as it is a pillar for socio-economic transformation. Driven by the desire to foster the integration of economic agents into the country’s financial system, Zimbabwean policymakers have developed a National Financial Inclusion Strategy II. The major aim of the financial inclusion strategy is to make financial services available to all segments of the population as the country moves towards the realisation of its 2030 agenda of transforming the country into a ”middle-income economy.” The purpose of this paper is to assess the financial inclusion status of university students in Zimbabwe since they are part of marginalised groups. To accomplish this objective,109 students from across six state universities completed questionnaires for the study. The findings reveal that while the majority of university students have bank accounts, only a small percentage apply for and access bank loans. Several barriers hinder some students from achieving financial integration, including insufficient income to open and maintain bank accounts, high transactional cost lack of trust and confidence in financial institutions and ignorance of prerequisites for opening a bank account. To enhance financial inclusion among university students, the study proposes that financial institutions offer bespoke financial solutions, including inexpensive student loans and accounts.
Keywords: financial, inclusion, university, students, marginalised, groups, economic, developments
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Date
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29 March, 2024
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Source
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JISR management and social sciences & economics
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volume
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22
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issue
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1
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pages
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71–88
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issn
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1998-4162
