RBZ Cracks Down on Shadow Lending by Mobile Operators

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.