Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices

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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Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	financial consumer protection consumer protection financial literacy institutions securities insurance banking non-bank financial institutions pensions digital finance accountability
Online Access:	http://documents.worldbank.org/curated/en/404031483952599264/Comparision-with-good-practices http://hdl.handle.net/10986/25875

id	okr-10986-25875
recordtype	oai_dc
spelling	okr-10986-258752021-04-23T14:04:32Z Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices World Bank Group financial consumer protection consumer protection financial literacy institutions securities insurance banking non-bank financial institutions pensions digital finance 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. 2017-01-17T23:10:17Z 2017-01-17T23:10:17Z 2015-07 Report http://documents.worldbank.org/curated/en/404031483952599264/Comparision-with-good-practices http://hdl.handle.net/10986/25875 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
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	financial consumer protection consumer protection financial literacy institutions securities insurance banking non-bank financial institutions pensions digital finance accountability
spellingShingle	financial consumer protection consumer protection financial literacy institutions securities insurance banking non-bank financial institutions pensions digital finance accountability World Bank Group Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices
geographic_facet	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 2. Comparison with Good Practices
title_short	Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices
title_full	Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices
title_fullStr	Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices
title_full_unstemmed	Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices
title_sort	zimbabwe diagnostic review of consumer protection and financial literacy : volume 2. comparison with good practices
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/404031483952599264/Comparision-with-good-practices http://hdl.handle.net/10986/25875
_version_	1764460431433269248

Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices

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