Regulatory Alerts2016-04-01
Framework for the Recognition of Payment Systems in Zimbabwe
The Reserve Bank of Zimbabwe establishes this framework to define the minimum requirements and procedures for recognizing payment, clearing, and settlement systems. It requires prospective and existing providers, including non-bank entities partnering with deposit-taking financial institutions, to submit complete applications evaluated on governance, safety, and operational efficiency. Upon approval, recognized operators must maintain compliance through periodic inspections, reporting obligations, annual licensing fees, and prior regulatory approval for material corporate or product changes, while remaining subject to derecognition for non-compliance.
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