Banking Publications

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    An Assessment of Financial Inclusion Challenges Among Women Vendors at the Bulawayo Vegetable Market
    (RSIS, 2024-05-10) Tshuma, N.; Kufa, A.T.; Sibanda, E.; Setoboli, T
    In the vibrant markets of Bulawayo, Zimbabwe, where women entrepreneurs thrive, a critical challenge persists: financial inclusion remains low. However, Mobile Financial Services (MFS) digital platforms have the potential to revolutionize access to affordable financial solutions for women entrepreneurs. Our study delved into the experiences of women vendors at the bustling Bulawayo Vegetable Market during the period from 2016 to 2023. Through a descriptive survey design, we aimed to uncover the hurdles faced by these enterprising women as they navigated the realm of MFS. Findings revealed that many women were unaware of the existence and benefits of MFS. The lack of knowledge hindered their participation. Proper documentation essential for accessing financial services remained elusive for some. Without it, women faced barriers in utilizing MFS. Limited education posed a significant obstacle. Basic financial literacy and digital skills were prerequisites for effective MFS adoption. The absence of digital skills impeded women from confidently using mobile platforms for financial transactions. Scarce availability of mobile money agents in the market area restricted women’s access to MFS. To bridge this gender gap and empower women entrepreneurs, we recommend Financial Institutions to Collaborate with MFS providers to offer targeted training programs. These sessions should focus on MFS awareness, digital literacy, and documentation procedures. NGOs Community Initiatives should launch awareness campaigns specifically tailored for women vendors. These campaigns can demystify MFS, emphasize its benefits, and address common concerns. By dismantling these barriers, we can unlock the full potential of MFS, enabling women entrepreneurs to thrive and contribute significantly to sustainable development in Zimbabwe.
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    The Role of Ease of Doing Business in Attracting Foreign Direct Investment in the SADC Region
    (RSIS, 2024-06-26) Nyathi, L.D.; Mlobane, M.
    This study seeks to analyze the role of ease of doing business in attracting foreign direct investment in the SADC region. The main goal of the study is to present new findings to corroborate whether ease of doing business factors are a significant and positive stimulus for Foreign Direct Investment (FDI). The study also proves to the role of ease of doing business to boost foreign direct investment in the SADC Region to enhance economic growth amid indications that foreign direct investment (FDI) streams in the SADC Region are diminishing rather than other economic communities all through the world, regardless of SADC’s endeavours to encourage an empowering environment for FDI. The research also verifies some hindrances such as negative gamble discernments, a troublesome business environment, and pervasive corruption as key elements given for SADC’s inability to attract and keep up with FDI. The study used panel data and therefore applied a Pooled Ordinary Least Squares (OLS) regression or a fixed effects model. The results revealed that gross fixed capital formation, political stability, corruption and gross domestic product were statistically significant towards FDI inflows into the SADC region. The study recommended that the SADC region should develop responsible foreign capital regulation which offers incentives for localized investment and lower unemployment rate by producing jobs and real income that can be used to either fuel economic growth or be saved in financial institutions.
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    The Impact of External Debt On Foreign Direct Investment in Zimbabwe
    (Journal of Business (JoB), 2023-12-31) Muwando, S.; Nzou, A.
    Using the framework of capital market and fitness theory, the study assessed the impact of external debt on foreign direct investment in Zimbabwe for the period 1980 to 2016. An Autoregressive Distributed Lag estimation technique was employed on annual data for the period 1980 to 2016 as it suits well small sample size. The results revealed that there is both a short-run and long run relationship between external debt and foreign direct investment. The findings of the study also revealed that current external debt has a positive impact on foreign direct investment inflows. The study concluded that the existence of debt overhang, as a consequence of the accumulation of past external debt stocks, negatively impact on foreign direct investment inflows. The study recommended that the government of Zimbabwe should intensively invest in economic growth-enhancing activities in the agricultural sector, infrastructure sector, education sector, healthcare sector, and technology, and foster a politically conducive environment.
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    Informal sector taxation and enforcement in African countries: How plausible and achievable are the motives behind? A critical literature review.
    (Open Economics, 2021-06-18) Mpofu, F.Y.S.
    Taxation is a fundamental tool for revenue generation, economy building and sustainability, reducing market externalities, regulating trade, stimulating representation and achieving tax justice as well as building state accountability and responsiveness. The informal sector in developing countries has been considered a hindrance to effective domestic revenue mobilisation, hence the rejuvenated focus to bring the sector into the tax baskets. Through a critical literature review, this study sought to identify the varying motivations tabled by the various stakeholders (policymakers, scholars and tax administrators) in literature on the need to administer tax on this sector and to strengthen enforcement and to evaluate the plausibility of these motives critically. Literature search was done through Google scholar and this was also aided by snowballing. The motives were aggregated into five major groups: the magnitude of the sector and revenue implications, growth motive, the governance gains, equity considerations and the boosting of tax morale and compliance in the formal sector. This study, therefore, conducted a profound evaluative analysis of literature on these motivations, pinpointing any voids that future research could address and accordingly sought to contribute to the guidance offered to policymakers on how to improve IS taxation. In order to balance the mobilisation of revenue needs and the sector’s contribution to other government objectives such as those outlined in the United Nations Sustainable Goals 1, 8 and 10 on poverty, decent work and economic growth, and reduced inequalities, governments and policymakers need to make an informed analysis.
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    Transfer Pricing Audit Challenges and Dispute Resolution Effectiveness in Developing Countries with Specific Focus on Zimbabwe
    (Accounting, Economics, and Law: A Convivium, 2021-10-08) Sebele-Mpofu, F. Y.; Mashiri, E.; Korera, P
    Base erosion and profit shifting activities of multinational enterprises (MNEs) have been a hot issue globally. Topical among the strategies employed by MNEs has been the issue of transfer pricing (TP). Developing countries are argued to be significantly affected by TP manipulation resulting in substantial tax revenues being lost. As a response to curb the unfavourable impacts of transfer mispricing, most developing countries have adopted the OECD TP guidelines and enacted TP legislation to regulate TP activities. The arm’s length principle is the core of TP legislation, yet it has brought challenges for tax administrators and their auditors in enforcing and assessing compliance respectively leading to disputes. In view of the ever-changing business world and continuous efforts by MNEs to minimise their tax obligations through income shifting, it was imperative to assess the factors affecting the effectiveness of TP audits and dispute resolutions as measures to enhance compliance and enforcement in developing countries, with specific reference to Zimbabwe. Findings include the lack of clarity in TP legislation, resource constraints and complexity of transactions, lack of expertise as well as the shortage of comparable data. Developing countries are encouraged to formulate clear TP regulations and invest in the capacitation of revenue authorities.