Cabinet approves 2026-30 financial sector blueprint

Cabinet has approved the Financial Sector Development Strategy 2026-2030, a five-year blueprint designed to transform Zimbabwe’s banking, insurance, pension and TX capital markets into a “robust, inclusive and competitive financial engine for economic growth,” Finance Minister Professor Mthuli Ncube has said.

The strategy, which builds on the National Development Strategy 2 (NDS2) and Vision 2030, provides a roadmap for deepening the financial sector, improving efficiency, enhancing stability, strengthening financial infrastructure, growing capital markets, expanding financial inclusion and literacy, promoting innovation, and maintaining policy consistency.

Prof Ncube said the financial sector remains “safe and sound, underpinned by adequate capitalisation and low non-performing loans,” and reported that bank deposits have grown from about USD 2 billion in 2017 to approximately USD 7 billion in 2026.

“The Financial Sector Development Strategy: 2026-2030 will anchor our next phase of reforms,” Ncube said, adding that the plan focuses on “fostering financial sector deepening, improving efficiency, enhancing stability, strengthening financial infrastructure; promoting the growth of capital markets, enhancing financial inclusion and financial literacy, promoting financial innovation, and maintaining policy consistency.”

He framed the strategy as central to national development, stating that a robust financial sector is critical for “mobilising long-term savings, channelling national savings to productive sectors, and facilitating economic growth, investment and job creation towards the attainment of Vision 2030.”

“We will continue to build a well-regulated financial system capable of supporting our national development agenda,” he said.

The Financial Sector Development Strategy is a comprehensive framework that guides the transformation of Zimbabwe’s financial system over the 2026-2030 period.

It was developed through consultative workshops involving the Ministry of Finance, the Reserve Bank of Zimbabwe, the Zimbabwe Stock Exchange, the Insurance and Pensions Commission, the Securities and Exchange Commission of Zimbabwe, and industry players .

The strategy is anchored on NDS2 Pillar 1 and aims to build a modern, efficient, stable and inclusive financial ecosystem that supports macroeconomic stability and channels domestic savings into productive sectors such as agriculture, manufacturing and infrastructure .