MoneyMart eyes fintech bank leap as mistrust in banks grows
MoneyMart Finance plans to transform from a credit-focused lender into a deposit-taking microfinance bank during the next half-decade as demand grows for accessible financial services among Zimbabwe’s informal workers. The digital lender has expanded to 43 locations nationwide with more than 200 employees since receiving its operating permit in 2014.
Founder and group chief executive Ethel Mupambwa said the shift reflects customer preferences for comprehensive banking at convenient locations rather than traditional institutions. She told reporters following last week’s In Conversation with Trevor Ideas Festival that informal businesses need adaptable lending and insurance options. Government data shows informal operations account for 76.1 percent of the 204,798 active establishments across the nation.
Mupambwa said clients currently deposit money through partner commercial banks but increasingly want direct relationships with MoneyMart for all transactions. The company may seek approval from the Reserve Bank of Zimbabwe to test technology-based services through regulatory sandbox programs. She noted some businesses have expanded substantially and acquired assets worth $30,000 while employing about 20 workers, pushing them beyond micro-enterprise classification.
