Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
In the last decade, Zimbabwe’s financial sector survived the periods of hyperinflation and the collapse of the national currency that led to the adoption of a multi-currency system in early 2009. Consequently, financial sector activity in Zimbabwe...
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/700761483944795457/Key-findings-and-recommendations http://hdl.handle.net/10986/25874 |
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okr-10986-258742021-04-23T14:04:32Z Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations World Bank Group consumer protection financial literacy financial consumer protection financial services regulation transparency disclosure legal framework consumer trust accountability In the last decade, Zimbabwe’s financial sector survived the periods of hyperinflation and the collapse of the national currency that led to the adoption of a multi-currency system in early 2009. Consequently, financial sector activity in Zimbabwe has shrunk by more than 50 percent in many segments. In 2015, the financial sector is dominated by the banking segment that is generally stable but faces major systemic challenges: low liquidity, low capitalization, high cost of funds with low domestic savings and expensive external borrowing. High credit risks increase the reluctance to lend. At the same time, the technology-driven segments are growing rapidly but regulatory gaps pose significant systemic and entity-level risks. In such circumstances, the Zimbabwe authorities recognize the urgency of establishing a sound financial consumer protection regime and promoting financial literacy. This World Bank’s diagnostic review was requested by the Reserve Bank of Zimbabwe with support of the national government and regulatory bodies. It provides analysis of the legal and regulatory framework in the banking, digital financial services, non-bank credit institutions, insurance, securities, private pensions, and credit reporting segments. Four consumer focus groups were also conducted on financial capability issues. Volume I of the Review summarizes the key findings and recommendations, and Volume II provides comparison with the Good Practices for Financial Consumer Protection. 2017-01-17T23:00:00Z 2017-01-17T23:00:00Z 2015-07 Report http://documents.worldbank.org/curated/en/700761483944795457/Key-findings-and-recommendations http://hdl.handle.net/10986/25874 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Africa Zimbabwe |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
consumer protection financial literacy financial consumer protection financial services regulation transparency disclosure legal framework consumer trust accountability |
| spellingShingle |
consumer protection financial literacy financial consumer protection financial services regulation transparency disclosure legal framework consumer trust accountability World Bank Group Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations |
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Africa Zimbabwe |
| description |
In the last decade, Zimbabwe’s financial
sector survived the periods of hyperinflation and the
collapse of the national currency that led to the adoption
of a multi-currency system in early 2009. Consequently,
financial sector activity in Zimbabwe has shrunk by more
than 50 percent in many segments. In 2015, the financial
sector is dominated by the banking segment that is generally
stable but faces major systemic challenges: low liquidity,
low capitalization, high cost of funds with low domestic
savings and expensive external borrowing. High credit risks
increase the reluctance to lend. At the same time, the
technology-driven segments are growing rapidly but
regulatory gaps pose significant systemic and entity-level
risks. In such circumstances, the Zimbabwe authorities
recognize the urgency of establishing a sound financial
consumer protection regime and promoting financial literacy.
This World Bank’s diagnostic review was requested by the
Reserve Bank of Zimbabwe with support of the national
government and regulatory bodies. It provides analysis of
the legal and regulatory framework in the banking, digital
financial services, non-bank credit institutions, insurance,
securities, private pensions, and credit reporting segments.
Four consumer focus groups were also conducted on financial
capability issues. Volume I of the Review summarizes the key
findings and recommendations, and Volume II provides
comparison with the Good Practices for Financial Consumer Protection. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations |
| title_short |
Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations |
| title_full |
Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations |
| title_fullStr |
Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations |
| title_full_unstemmed |
Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations |
| title_sort |
zimbabwe diagnostic review of consumer protection and financial literacy : volume 1. key findings and recommendations |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/700761483944795457/Key-findings-and-recommendations http://hdl.handle.net/10986/25874 |
| _version_ |
1764460429324582912 |