Regulatory Alerts2017-08-01
Guidelines for Retail Payment Systems and Instruments
The Reserve Bank of Zimbabwe issued these guidelines to establish a comprehensive regulatory framework for operating retail payment systems and issuing retail payment instruments, including e-money. The document mandates authorization for all operators and issuers, specifying fit-and-proper criteria, a minimum initial capital of one million US dollars, robust risk and operational management standards, and strict compliance with AML/CFT legislation. It further outlines mandatory governance, interoperability, infrastructure sharing, outsourcing rules, consumer protection measures, and a ten-year records retention period while explicitly excluding virtual currencies and deposit-taking activities.
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