The State of the Service Economy Survey (SOSES) is an annual national study sponsored by ZB Financial Holdings Limited, in partnership with The Financial Gazette and Tatu Advertising. The survey measures service delivery across Zimbabwe’s economy and identifies practical actions to improve service quality across sectors.
In the 2024 findings, the Microfinance Sector emerges as a critical driver of financial inclusion, particularly for MSMEs, entrepreneurs, and the informal sector. The results provide valuable insight into customer expectations, service gaps, and opportunities for improvement.
Why Service Quality Matters in Microfinance
Microfinance plays a pivotal role in Zimbabwe’s economic development by providing access to credit for individuals and small businesses that may not qualify for traditional banking. Trust, transparency, and speed of service are therefore essential to sustaining confidence in the sector.
According to the World Bank, services contribute between 40–60% of GDP in developing economies. As Zimbabwe pursues its Vision 2030 of becoming an upper-middle-income economy, improving service delivery in sectors such as microfinance is a strategic imperative.
SOSES 2024 Performance Indicators: Microfinance Sector
The survey uses globally recognised customer experience metrics to assess service delivery. In 2024, the microfinance sector recorded the following results:
Customer Satisfaction Index (CSI): 80%
Customer Effort Score (CES): 65%
Customer Experience (CX): 71%
Sectorial SOSES Service Index (SSI): 72%
Highest Rating: 76%
Lowest Rating: 63%
These results indicate relatively strong customer satisfaction, while also highlighting the need to reduce customer effort and improve overall experience consistency.
What Microfinance Customers Value Most
Speed and ease of access dominate customer expectations in the microfinance sector. The survey shows that clients prioritise fast, simple, and transparent processes when seeking financial support.
- Quick loan approval (64%)
- Simple loan application processes (60%)
- Speed of service (43%)
- Regular communication (34%)
- Meeting promises made to customers (34%)
- Personalised service (30%)
- Functional digital platforms (30%)
- Quick query resolution (25%)
- Timeous communication (25%)
- Service delivery innovation (24%)
These findings underscore the importance of transparency, reliability, and digital enablement in shaping positive customer experiences.
Critical Service Issues in the Microfinance Sector
Despite positive performance indicators, SOSES 2024 highlights several persistent service challenges that require attention:
- Transparency and clarity of information
- Lack of customer education
- Speed of service delivery
- Limited awareness of customer complaint mechanisms
- Balancing digitalisation with accessibility
Key Takeaways and Recommendations
To strengthen trust and improve service delivery, the survey outlines several actionable recommendations for microfinance institutions:
- Enhance transparency by clearly communicating loan terms, interest rates, and charges
- Invest in consumer education on responsible borrowing and financial planning
- Streamline loan application and approval processes
- Promote and strengthen customer complaint resolution mechanisms
- Ensure digital inclusion regardless of customers’ digital literacy levels
“So please call on us, talk to us, and tell us how we can make you happy!”
Going Beyond for Microfinance Customers
The SOSES 2024 Microfinance Sector results present both encouragement and challenge. Customers appreciate speed and accessibility, but they also demand transparency, education, and innovation.
By embracing customer-centric strategies and inclusive digital solutions, microfinance institutions can deepen trust, expand financial inclusion, and contribute meaningfully to Zimbabwe’s economic transformation.
