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RBZ Cracks Down on Shadow Lending by Mobile Operators

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HARARE—The Reserve Bank of Zimbabwe (RBZ) has directed mobile network operators to regularise mobile money operations by June 2026, ordering the removal of unverified accounts and mandating that all nano-loans be backed by commercial banks.

Announcing the measures while presenting the 2026 Monetary Policy Statement, RBZ Governor John Mushayavanhu said compliance inspections will be carried out at the end of June to ensure full adherence to the new framework.

Under the directive, mobile network operators must work with the Registrar-General’s Office to verify all mobile money accounts using valid national identity documents. Accounts that fail verification will be shut down. The central bank says the exercise is intended to block the use of anonymous wallets for money laundering and other illicit financial activities.

Governor Mushayavanhu said the continued existence of unverified accounts poses a serious risk to financial integrity, stressing that operators must begin cleansing their customer databases without delay.

Zero-fee transactions extended to mobile platforms

In a further move, the RBZ has extended the zero-charge policy for low-value transactions—ranging from US$0 to US$5—to mobile money platforms. The concession had previously applied only to banks.

The Governor warned that any operator found levying fees on transactions within this threshold could face the withdrawal of its payment services licence.

Mobile nano-loans to be fully regulated

The central bank also moved to rein in instant micro-loans offered through mobile applications, arguing that such products have effectively created money outside the formal banking system.

Going forward, all nano-loans must be underwritten by licensed commercial banks and recorded on their balance sheets. The RBZ will conduct audits to ensure these lending activities comply with banking regulations and prudential standards.

The new rules represent a major tightening of oversight over mobile network operators, whose expansion into financial services has increasingly blurred the line between telecoms and banking.

According to the RBZ, the reforms are designed to close regulatory gaps, curb arbitrage, and ensure that all entities involved in financial intermediation operate within a properly supervised framework.

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Kutsaga fueling food security and rural growth

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Kutsaga fueling food security and rural growth

Kutsaga Research Station, once synonymous with Zimbabwe’s tobacco industry, is now spearheading a transformative agricultural revolution, pivoting its scientific prowess towards rural industrialisation and national food security.

This monumental shift, lauded by Agriculture Permanent Secretary Prof. Dr. Obert Jiri at the recent ZITF 2026, marks a critical stride in aligning research with commercial viability and the nation’s ambitious Vision 2030 agricultural agenda.

Prof. Dr. Jiri said Kutsaga’s innovative expansion beyond its traditional mandate.

He specifically praised the station’s success in developing tissue-cultured virus-free sweet potatoes and pioneering industrial hemp cultivation.

These initiatives exemplify how institutional expertise can be leveraged to create commercially viable products, underscoring the imperative that research must be commercialised to ensure its long-term sustainability.

“Kutsaga’s transformation is not just about diversifying crops, it is about building resilient value chains that directly benefit our rural communities,” said Prof. Dr. Jiri.

ALSO READ: Global seed giants eye Zimbabwe as strategic hub

This strategic redirection aims to reduce the nation’s reliance on single commodities, thereby shielding farmers from the volatile impacts of market fluctuations and climate change.

The move is a direct response to Zimbabwe’s Vision 2030, which prioritises agricultural transformation as a cornerstone for economic growth and stability.

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Prospect Lithium Marks Historic First with Lithium Sulphate Export

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Prospect Lithium of Zimbabwe has dispatched its first consignment of lithium sulphate from its newly commissioned US$400 million processing plant at Arcadia Mine.

According to the company, this is the first time lithium sulphate has been produced not only in Zimbabwe but across the African continent.

The milestone signals a significant move towards increased local processing of lithium, rather than exporting raw or semi-processed materials.

Prospect described the development as a breakthrough for the country and region, noting that the shipment represents the first production of lithium salts in Zimbabwe and Africa, and highlights progress in mineral beneficiation and industrial growth.

Zimbabwe has been tightening its policies on lithium exports in recent years. In 2022, the government banned the export of raw lithium, pushing mining companies to process the mineral into concentrates.

At that time, major players, including Prospect Lithium (owned by Huayou Cobalt), had already begun upgrading their operations.

In 2025, authorities raised the requirements further, announcing that by 2027, lithium producers will be expected to export sulphate, a higher-value product used in the manufacture of battery materials.

To support this transition, a 10% tax was introduced on lithium concentrates to encourage further processing.

Earlier this year, the government also temporarily halted concentrate exports, later allowing limited shipments under a quota system as producers adjust to the new value-addition requirements.

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Steelmakers Limited Drives Zimbabwe’s Industrial Growth Under Vision 2030

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Zimbabwe is working to grow its industries under Vision 2030 Zimbabwe, and local companies are playing an important role in this effort.

One of these companies is Steelmakers Limited, which is helping the country produce more goods locally instead of importing them. By doing this, Zimbabwe saves foreign currency and strengthens its economy.

Steelmakers Limited stands out because it controls the whole production process. It mines iron ore in Masvingo and coal in Chiredzi, then uses these materials to produce sponge iron and finally finished steel products in Redcliff and Harare.

This means most of the work is done inside the country, creating more value locally and reducing the need to buy materials from outside.

The company also took part in the Zimbabwe International Trade Fair 2026, where it showcased its products and connected with business partners, investors, and government officials. This helped promote Zimbabwean steel and opened opportunities to sell products in other countries.

Steelmakers Limited plays a big role in national development. By producing steel locally, it reduces imports and helps keep money in the country. Its products are important for building houses, roads and factories supporting mining and agriculture. Steel is essential for development, and the company helps provide it.

The company also supports other sectors of the economy. Its operations create jobs and increase demand in transport, logistics, and engineering industries. This means its impact goes beyond just making steel.

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