Designing a mobile- based savings and micro-investment application for low-income earners in Zimbabwe.

Abstract

Access to formal savings and investment opportunities remains a significant challenge for many low-income earners in Zimbabwe. While mobile money services have improved access to basic financial transactions, they have not adequately addressed the need for structured savings and investment solutions that can help individuals build long-term financial security. As a result, many people continue to rely on informal saving methods, which often provide limited opportunities for wealth creation and financial growth. This study focused on the design and development of a mobile-based savings and micro-investment application aimed at improving financial inclusion among low-income earners in Zimbabwe. The study adopted a mixed-methods research design that combined qualitative and quantitative approaches. Data were collected through semi-structured interviews, focus group discussions, and questionnaires administered to low-income earners and other key stakeholders. A sample of 67 participants was drawn from a target population of 200 using Yamane's formula. The collected data were analysed to identify the challenges faced by low income earners, their financial behaviours, and the factors influencing their acceptance of digital financial technologies. The findings revealed that access to mobile technology, affordability, trust, security, financial literacy, and ease of use are key factors influencing the adoption of mobile based financial services. The study also found that many low-income earners struggle with irregular incomes, limited access to investment opportunities, and a lack of financial planning tools. Despite these challenges, respondents demonstrated a strong interest in a digital platform that could support disciplined saving and provide access to simple and affordable investment opportunities. Based on the identified user requirements, a mobile-based savings and micro-investment application was designed and developed using a user-centred approach. The proposed application incorporates features such as savings goal tracking, automated savings options, micro-investment opportunities, financial education support, and secure user authentication mechanisms. These features were designed to address the specific needs and circumstances of low-income earners in Zimbabwe. The study concludes that mobile technology can play a significant role in promoting financial inclusion by expanding access to savings and investment services for underserved populations. The proposed application provides a practical solution for encouraging financial discipline, improving financial resilience, and supporting wealth creation among low-income earners. The study further recommends collaboration between financial institutions, mobile network operators, and policymakers to promote the adoption and sustainability of digital financial solutions in Zimbabwe.