Financial Technology Solutions On Financial Inclusion In The Zimbabwean Financial Ecosystem

Abstract

Financial technology (FinTech) has emerged as a disruptive force, revolutionizing the way financial services are delivered and accessed across the globe. Zimbabwe is no exception as it is characterized by several obstacles despite the advancements achieved in promoting financial inclusion through FinTech solutions. The main purpose of this study was to evaluate the effect of FinTech Solutions on the Zimbabwean financial ecosystem. The study was guided by objectives which were to assess the extent to which FinTech solutions have improved financial access and usage in Zimbabwe, to examine the challenges and barriers faced in implementing FinTech solutions for financial inclusion in the Zimbabwean context, to evaluate the impact of FinTech solutions on financial literacy and consumer education in Zimbabwe and to explore the potential policy implications and recommendations for enhancing financial inclusion through FinTech solutions in Zimbabwe. The study adopted a pragmatism research philosophy. The correlation results showed a positive relationship between the dependent variables (financial inclusion) and the FinTech services. Explicitly, the results revealed that FinTech solutions are performing well and are not failing to meet key performance indicators on improved financial access and usage in Zimbabwe. FinTech solutions have contributed to bridging financial literacy gaps by offering innovative digital financial services that are accessible, affordable, and user-friendly. In this way, FinTech companies can help integrate these individuals into the formal financial system, providing them with the means to save, invest, and build wealth. The researcher recommended that the government should also develop policies that encourage financial innovations to breed more value into the ecosystem and effectively benefit the end users.