Professor Mthuli Ncube said the existing rules for mobile money platforms are not enough for the RBZ to exercise its oversight mandate on financial services.
In light of this, the new measures will ensure that the RBZ has additional,clear-cut power over how mobile money platforms operate. Speaking to the Herald, the Professor said:
“What we have in Zimbabwe is a typical case where the mobile platform is led by Telcos (telephone companies) and the banks follow. In other countries the model is bank-led, central bank regulates.
The new measures that we are going to put in place will be sustainable measures because these are about regulating financial services. Whether the exchange rate is stable or not, our financial services need to be regulated better.
The government,through Ministry of Finance,had already crafted new regulations that designated mobile money platforms as financial institutions, which makes them governed in terms of the Banking Act.
But the recent tiff between the RBZ and EcoCash was a wake-up call for the Finance Ministry and RBZ, which pushed them to come up with additional measures to strengthen their grip on mobile money platforms.