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- Title
Group Savings Schemes as a Financial Inclusion and Positive Change Strategy in Africa.
- Authors
Senga-Makuve, Tsitsi
- Abstract
Social change practitioners must adopt contextspecific and indigenous approaches to influence financial sector activities. Africa's financial institutions are slowly losing their grip on business due to the current economic downfall and digitalization. In Zimbabwe, this is evidenced by constant policy reviews in the currency in circulation, exchange rate fluctuations, and the movement of transacting mechanisms to paperless. All this has added to existing barriers to financial inclusion, which deterred the informal sector through prohibitive requirements to access financial services. By adopting an African OD premised on the group savings scheme concept (mukando), Africa can replace traditional banking and still benefit from inherent services from the financial sector. The mukando concept amplifies fundamental OD values that can transform the financial services sector while fostering positive social change. Due to changing times, financial institutions have financially excluded the informal sector by demanding too much documentation. In addition, Zimbabweans have lost confidence in the financial sector because of financial sector instability. This paper focuses on the mukando concept as a sustainability measure to preserve the heritage of financial resources in Africa.
- Subjects
AFRICA; ZIMBABWE; SERVICE industries; INFORMAL sector; SOCIAL change; FINANCIAL institutions; FINANCIAL services industry; PONZI schemes; SUPPORT groups
- Publication
Organization Development Journal, 2024, p67
- ISSN
0889-6402
- Publication type
Article