By Talent Kasu
Over 200,000 micro – small to medium enterprises (MSMEs) have been impacted on by digital financial services giant MoneyMart Finance’s digital financial inclusion agenda since the organization’s inception and the vision is even getting clearer.
In 2014, when founder and group CEO Dr Ethel Mupambwa conceived and brought to life the idea of a digital microfinance company that would speak to the needs of most of emerging and growing businesses, her idea was to see more and more people being lifted out of poverty through innovative product offering.
Deeply entrenched inside the popular tagline “Creating Wealth, Changing Lives”, Dr Mupambwa envisioned a bright future for every like-minded individual whose desire and aspiration are to improve their life through wealth creation.
In an interview, Dr Ethel Mupambwa said usefulness and affordability of financial products has been a key driver in achieving the decade-long milestone and interesting times lie ahead.
“We now have over 200,000 businesses spread amongst our over 40 branches across Zimbabwe that have access to useful and affordable financial products and services that meet their needs. These include transactions, savings, credit, and insurance – delivered in a responsible and sustainable way.
“We have since revised our charges and rates to accommodate every nature of financially excluded legal businesses. I can safely say we are sitting at about 76% of our target thus far in achievement of digitally providing inclusive financial solutions.”
She adds that the organization was on a deliberate drive to reach every corner of the country and beyond to ensure that no one is left behind.
“The digital inclusion definition tells us that it is a concept that refers to equal access and use of digital technologies for all people, regardless of their age, gender, socio-economic background, or abilities. It is also about ensuring that everyone has the same opportunities to fully participate in the digital society and take advantage of its many benefits, discoveries, and opportunities.
“In light of this definition that we have fully understood as an institution, we are reaching out to every corner of the country and even beyond our borders to make this seemingly abstract idea a reality for all people, even in marginalized communities. Anyone with a mobile phone should be able to access our services.”
This year marks the 10th Anniversary for MoneyMart Finance and its clients. The organisation continues to offer some of the most diversified financial services to its clients at affordable rates and flexible terms. Main products include business loans, salary-based loans for civil servants and private sector, asset loans, school fees loans as well as micro-housing loans.
Over and above its traditional product offering, the innovative financial services company has since diversified and given birth to the MoneyMart Solar Company (Mosolarco), a fast-rising clean renewable energy service provider with a deliberate vision to bring clean energy to every home in Zimbabwe and beyond.
“We are geared to make our contribution in taking action in mitigating the effects of climate change in line with SDG 13 and SDG 7 through providing clean and affordable energy to our customers. Our Solar Home System products range from lighting systems all the way to 10kva systems that can actually supply power to the entire household, all payable through flexible terms,” added Dr Mupambwa.
MoneyMart’s digital inclusion drive seeks to achieve the following:
- Economic growth – MMF digital inclusion is helping improve the efficiency and competitiveness of existing businesses, leading to increased productivity and sustainable economic growth. It is also encouraging innovation by allowing more people to access information and resources, which are driving new ideas and solutions in various communities.
- Access to education – MMF digital inclusion is allowing its clientele and their dependents access to education regardless of their geographical locations or abilities. This means that, with the technology we are making accessible everywhere, it is possible to overcome barriers such as distance, lack of resources, or some disabilities.
- The future of ‘going global’ is digital – This is especially true for small businesses: the road to overseas markets will run through digital channels and platforms. The firms who can connect, compete and change will thrive. MMF is opening the global door to Zimbabwe’s SME sector through its digital inclusion drive.
MoneyMart Finance rolled out numerous digital-inclusion initiatives including its Unstructured Supplementary Service Data (USSD) code *791# which can be used by clients to interface with the organization for ease of doing business.
The organization, has over the years, scooped hundreds of accolades in recognition of its impact in positively impacting Zimbabwe’s marginalized communities and propelling tens of thousands of businesses into growth. MoneyMart continues to be a leading player and financial partner of choice for businesses and individuals seeking to better their fortunes.
