Zimbabwe says individuals should now have only one mobile wallet


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Bulk payment accounts

  1. Mobile payment operators have been turning a blind eye and have even actively encouraged the abuse of bulk payment wallets for illegal foreign currency transactions, thus earning lucrative transaction fees in the process.
  2. Going forward, bulk payment wallets will be approved by regulatory authorities for limited use, primarily for low value transactions and humanitarian funds disbursements to vulnerable members of society.
  3. Any other bulk payment transactions, such as payment of salaries and wages, should be processed through normal banking channels.

Other corrective measures

  1. The Bank, as regulator of mobile payment services, and the FIU, as the agency responsible for enforcing anti money laundering standards, will consider the findings and recommendations of the forensic report, in detail, and come up with comprehensive corrective measures for implementation by mobile payment operators, to ensure compliance, integrity and efficacy of mobile money transactions.
  2. For identified serious breaches, appropriate regulatory and disciplinary measures will be instituted against delinquent mobile money operators and /or any culpable individuals, in accordance with the law.

Interoperability

  1. On 27 March 2020, the Government passed the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, under Statutory Instrument 80 of 2020. The new law is intended to facilitate integration of payment systems and promote efficiency of payment services, for the convenience of the transacting public.
  2. Pursuant to the statutory instrument, the Bank designated Zimswitch Technologies (Private) Limited (Zimswitch) as a national payment switch, and required all payment service providers, including mobile payment operators, to be connected thereto.
  3. With all banks and some mobile payment operators already connected to Zimswitch, connectivity by all payment service providers is expected to be completed by 30 September 2020.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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