A working model towards promoting digital banking hub solutions for rural communities in Zimbabwe: a case of Guruve Centre

Abstract

This project focuses on Guruve Centre to establish a digital banking platform for rural Zimbabwe's financial inclusion. The study explores traditional banking infrastructure, inadequate financial knowledge, and economic marginalisation, which hinder financial inclusion in rural Zimbabwe. Mobile banking and mobile money services can overcome these constraints and provide inclusive financial services to rural underserved communities, according to the research. Financial inclusion in rural Zimbabwe is assessed by studying banking institutions, government policies, and digital financial services usage. It examines how mobile banking solutions can provide savings, loans, insurance, and payments to rural Guruve Centre residents. The study examines rural families' and small businesses' digital banking accessibility, usability, and impact using surveys, interviews with residents, and financial report analysis. The research finds that infrastructure (internet access, mobile network coverage), socio-cultural hurdles (confidence in technology, financial literacy), and regulatory challenges affect digital banking adoption. It also examines how financial institutions and mobile service providers promote digital banking and overcome these constraints. The study also examines the social and economic benefits of financial inclusion, including better credit availability, lower transaction costs, and more financial security for Guruve Centre residents and companies. The study uses Guruve Centre to provide a model for expanding digital banking solutions in rural Zimbabwe, considering local socio-economic realities, technology capabilities, and regulatory frameworks. The suggested strategy stresses financial and mobile service provider cooperation to develop a digital financial services ecosystem. The study concludes that digital banking systems can empower rural Zimbabweans, boost economic growth, and reduce poverty. For rural financial systems to be sustainable, digital infrastructure, financial literacy, and stakeholder participation must be improved.