Zimbabwe: RBZ to provide a framework for mobile banking growth

Mar 21, 2014

The Reserve Bank of Zimbabwe (RBZ) said it is planning to set up legislation to govern e-transactions in order to protect consumers in Zimbabwe. It is also currently working on a stable payment system to support transactions, The Herald reports.

The Reserve Bank of Zimbabwe (RBZ) said it is planning to set up legislation to govern e-transactions in order to protect consumers in Zimbabwe. It is also currently working on a stable payment system to support transactions, The Herald reports.

"We want to guide electronic payments and ensure that there is a stable payment system which is efficient and effective," RBZ National payment systems representative William Manimanzi said at the world consumer rights celebrations held in Harare on Monday (17 March).

He explained that
mobile banking has grown phenomenally due to a 104 percent growth in mobile penetration and the registration of over 7,000 mobile agents across the country. In addition, 119 million transactions were effected through mobile banking last year.

Mr Manimanzi added that there should be no competition between mobile service providers and banks but that money should circulate within the formal banking system.

Zimbabwe counts several mobile banking services provided by the three mobile operators in the country:
Econet, Telecel and NetOne.

M-banking is set to become an important tool to boost access to finance in the country and stimulate the overall economy, by bringing banking services to Zimbabweans in rural areas that do not have access to bank branches. Currently, 40 per cent of the population still does not own a bank account.ADNFCR-2976-ID-801705376-ADNFCR