Zimbabwe: Vusi Vuma calls for a new mobile banking legislation

Oct 31, 2012

The Zimbabwean Government has been urged to create new legislation to support the development of mobile banking in the country.

The Zimbabwean Government has been urged to create new legislation to support the development of mobile banking in the country.

Deposit Protection Corporation (DPC) corporate secretary Vusi Vuma said last week that the sector is vulnerable to abuse as there is currently no specific legislation in place, The Herald reports.

"Most mobile operators in the country have come into the banking system but there is no legislation to regulate their activities. We need legislation for this sector because we may find ourselves in serious fraud cases if the practice continues unabated," he said.

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 that do not have access to bank branches.

iMobile Money Africa reported that the use of mobile phones now stands at 66 per cent of Zimbabwe's population, whereas 40 per cent still does not own a bank account.

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