‘Adopt stablecoins to drive financial inclusion’

SAMANTHA MADE

Innbucks Microbank retail banking executive George Nheweyembwa has called for the adoption of stablecoins to expand financial inclusion, lower transaction costs, and improve transparency in Zimbabwe’s financial system.

Speaking at the Institute of Chartered Accountants of Zimbabwe (ICAZ) Indaba, Nheweyembwa said stablecoins—digital currencies pegged to traditional assets such as the US dollar or gold—offer a practical bridge between conventional banking and emerging digital finance.

“Using stablecoins would give us the benefit of having hard currency, because that hard currency is sitting in an actual bank account somewhere,” he said. “It’s an independent system that has total transparency, and we can all see that the money is there.”

Stablecoins, he explained, combine the efficiency and security of cryptocurrencies with the stability of fiat currencies, making them suitable for everyday use. By minimizing volatility, they could help Zimbabwe modernize its payments infrastructure while maintaining value stability.

Nheweyembwa underscored the high costs of traditional remittance channels, which he said remain a burden on citizens.

“Traditional remittance channels are costly, with fees ranging from 10% to 15%. Think about that in the context of one and a half billion dollars in remittances and payments,” he said. “Think how much value is disappearing just in the process of sending money.”

He argued that stablecoins could play a transformative role in connecting Zimbabwean businesses to international finance and deepening trust with global investors.

“Latching onto international stablecoins gives us access to international markets and international finance,” he said. “There are lenders out there that want to lend to our SMEs and our businesses, but they’ve got no transparency.”

To facilitate innovation, Nheweyembwa urged authorities to establish a regulatory sandbox where fintech startups and developers could safely test digital financial products.

“We need to stop being afraid of technology and new things,” he said. “Let’s create a regulatory sandbox where we can invite our young people to try some of these ideas.”

Beyond financial inclusion, he said stablecoins could also improve accountability in public and NGO fund distribution, curbing inefficiencies and leakages in the disbursement of aid.

“When NGOs are distributing value, you won’t believe how much money they spend distributing cash in this country,” he said. “And they still don’t know that the money gets to the beneficiaries.”

Nheweyembwa highlighted that embracing stablecoins would help Zimbabwe “leap forward” by modernizing its financial ecosystem, reducing inefficiencies, and promoting transparency.

“I think this would be a powerful tool to drive growth, to help us leap forward,” he said. “Let’s start thinking about this and start talking to people in our spheres of influence about it.”