Regulatory Alerts2016-09-29
Added · Updated
Prudential Standards on Agency Banking (No. 01-2016/BSD)
The Reserve Bank of Zimbabwe’s Bank Supervision Division issued Prudential Standards No. 01-2016/BSD to establish a comprehensive regulatory framework for agency banking, requiring licensed financial institutions to obtain prior written approval before contracting third-party agents. The standards mandate strict agent eligibility criteria, defined permissible and prohibited activities, operational limits, and robust technology infrastructure to ensure secure, cost-effective financial inclusion. Banking institutions retain ultimate liability for all agent actions and must implement continuous risk management, AML/CFT compliance, consumer protection measures, and transparent reporting to maintain regulatory oversight.
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