Machiva says the rapid evolution of Zimbabwe’s digital finance ecosystem now requires regulators to “learn as they go,” as emerging technologies and fast-changing risks reshape the payments landscape.

Speaking at the Tech Convergence Fora, OneMoney general manager Joseph Machiva said financial authorities are operating in an environment defined by rapid shifts in digital services, artificial intelligence tools such as ChatGPT, and a growing wave of cybersecurity threats. He said this pace of change means regulators must adapt in real time to keep up.

Machiva said effective oversight is not only about compliance checks but also about building an environment that supports innovation. “They create a friendly environment and I think that’s the critical thing,” he said, noting that regulators must balance enabling growth while protecting consumers and the financial system.

By Ruvarashe Gora

He highlighted OneMoney’s collaborative relationship with its regulator, saying guidance and open engagement have become essential to safe product development. This cooperation, he added, helps operators understand evolving market risks early, particularly in cybersecurity and digital transactions.

Zimbabwe, like many African markets, is experiencing strong growth in mobile money usage and digital payments, driven by wider smartphone access and global advancements in financial technology. Regulators across the region have been tightening risk-management frameworks to address fraud, data protection, cyber-attacks and system interoperability.

Machiva said ongoing dialogue with the regulator helps ensure that OneMoney remains compliant while staying aligned with emerging trends. “The relationship we have with the regulator allows us to learn about what is happening in the markets and guide our operations from the potential risks that come with it,” he said.