By 
By Ross Moyo
The Reserve Bank of Zimbabwe (RBZ) has given mobile network operators (MNOs) until June 2026 to clean up their customer databases and eliminate unverified accounts.
The move is aimed at combating money laundering and the proliferation of anonymous accounts used for illicit financial flows.
“We cannot have an environment where people are laundering money through mobile money accounts. We will not allow that. So they must start cleaning up their databases with immediate effect,” said RBZ Governor Dr John Mushayavanhu.
The RBZ has also directed MNOs to ensure that their nano-loans are underwritten by commercial banks and placed on bank balance sheets. This move is aimed at closing regulatory arbitrage opportunities and ensuring that all entities engaged in financial intermediation operate on a level playing field with appropriate prudential oversight.
The measures represent a significant tightening of the regulatory environment for MNOs, who have increasingly expanded into financial services without being subject to the full suite of banking regulations.
The RBZ has also extended the banking sector’s zero-fee regime for small-value transactions to MNOs, dismissing arguments that they should be exempt as they are not banks.
“We want the public to let us know if they are charged for a transaction below five dollars by a mobile network operator and we will revoke that operator’s licence to offer payment services,” Dr Mushayavanhu said.
The move is seen as a major step towards increasing financial inclusion and reducing the cost of transactions for low-income households.
The RBZ’s actions aim to ensure that all entities engaged in financial intermediation operate on a level playing field with appropriate prudential oversight.
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