The Impact of Covid-19 on the performance of financial institutions in Zimbabwe. A Case study of MoneyMart Finance (2019-2021)
- Author
- Sauramba, Munashe P.
- Title
- The Impact of Covid-19 on the performance of financial institutions in Zimbabwe. A Case study of MoneyMart Finance (2019-2021)
- Abstract
- This study looked at the impact of Covid-19 on the performance of Financial Institutions in Zimbabwe (2019 to 2021). The study is guided by the research objectives which were to ascertain the impact of Covid-19 has on the performance of Financial Institutions, to examine the challenges associated with COVID-19 to Financial Institutions and to establish effective mitigatory strategies employed by Micro Finance Institutions during the Covid-19 crises. A mixed method approach was used henceforth questionnaires, and semi structured interviews were used to collect data from 26 respondents who were part of the MoneyMart finance team (both managerial and non-managerial) and some few clients of the institution. Results deriving from the research were that Covid-19 has a negative effect on the performance of financial institutions in Zimbabwe. Since the inception of the concept of micro-finance in Zimbabwe, Micro-finance Institutions (MFIs) have operated under the stringiest of circumstances owing to economic instability. Most of the MFIs have found it difficult to survive and the state in which most of the MFIs financially seem to hinder the continued existence and progress of the sector in servicing the economy as would be ideal. The study recommended that Financial Institutions (microfinance institutions) should transform their business models by embracing digital financial services platforms which are associated with cost reduction and effectiveness in assistance conveyance and high efficiency.
- Date
- 2022
- Publisher
- BUSE
- Keywords
- Digital financial services,
- Covid-19,
- Financial Institutions,
- Supervisor
- Dr. MAUNE,
- Item sets
- Department of Banking and Finance
