Regulatory Alerts2021-01-01
Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations 2020
The Minister of Finance and Economic Development, enforced by the Reserve Bank of Zimbabwe, issued these regulations to establish a unified licensing and operational framework for money transmission and mobile banking providers. Providers must secure regulatory recognition, connect to the national payment switch for seamless interoperability, maintain dedicated bank accounts, submit periodic returns and audit reports, and obtain prior approval for transaction charges. The Reserve Bank is empowered to issue tiered civil penalty orders and impose fines or imprisonment for non-compliance, ensuring robust risk management, data protection, and real-time regulatory oversight across the payment ecosystem.
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