MOBILE money and fund transmission service providers will
not be allowed to review transaction charges without approval of the Reserve
Bank Zimbabwe (RBZ).
With the mobile money interoperability now in place, mobile
money services are now deemed to be financial services institutions subject to
the RBZ’s recently-gazetted regulations on banking (money transmission, mobile
banking and mobile money interoperability).
According to the new regulations, the Minister of Finance
and Economic Development, Professor Mthuli Ncube, has, in terms of Section 81
of the Banking Act [Chapter 24:20], indicated that mobile money providers are
now regarded as financial institutions subject to apex bank oversight.
“Money transmission providers and mobile banking providers
wishing to provide the service of money transmission services and mobile
banking must— where they are mobile network operators be licensed in terms of
the Postal and Telecommunication Act [Chapter 12:05]; obtain recognition of
their payment system in terms of section 3(1) of the National Payment Systems
Act [Chapter 24:23] together with the application and annual fees specified in
the First Schedule, and must comply with the conditions attached to that
recognition and with these regulations.
“On the date of commencement of these regulations, money
transmission providers and mobile banking providers recognised in terms of the
National Payment Systems Act [Chapter 24:23] are deemed to be licensed under
these regulations,” he said.
Prof Ncube said going forward it will be mandatory for
every money transmission service provider and mobile banking provider to be
connected to a national payment switch, as shall be directed by written notice
by the Reserve Bank from time to time that enables interoperability of payment
systems and services.
He said for the purposes of connecting to the national
payment switch every money transmission provider and mobile banking provider
shall install, deploy or commission such infrastructure and connection
protocols, credentials and documentation necessary to enable integration with
any recognised payment system in terms of the National Payment System Act
[Chapter 24:23].
“Every money transmission provider and mobile banking
provider shall open and maintain a bank account that is designated exclusively
for mobile banking services. Every money transmission provider and mobile
banking provider shall ensure that no money is transmitted or is retained on
the payment system without a corresponding correct bank balance,” said Prof
Ncube.
He said every money transmission provider and mobile
banking service provider must submit periodic returns to the RBZ at intervals
as shall be determined by the apex bank from time to time.
The returns, Prof Ncube said, shall include the values and
volumes including the cumulative total from the beginning of the year to date,
a reconciliation of the mobile account balances between mobile money platform
and the core banking system, snapshots of the mobile account balance from the
mobile money platform and core banking systems plus all material developments
or operational challenges.
“The periodic returns shall be kept for a period of seven
years from the day of generation of such returns. Every money transmission
provider and mobile banking provider must provide an audit report on the
product after six months of operation and annually thereafter.
“Every money transmission provider and mobile banking
provider should allow the Reserve Bank read-only real time access to its
payment system,” he said.
Prof Ncube said every money transmission provider and
mobile banking provider must have policies and procedures for sound internal
controls and risk management practices including data protection and cyber
security on an ongoing basis.
“Every money transmission provider and mobile money banking
providers must not accept a transaction request from a customer if the customer
has not yet registered (where registration is required) or has not been
authorised or cleared to use the service or where authorisation has been
withdrawn or suspended, the transaction amount requested by the customer is
outside the minimum and maximum amounts for transaction, which shall be
specified from time to time by both parties…” he said.
Prof Ncube said if it comes to the notice of the Reserve
Bank that default is made in complying with the regulations, the Reserve Bank
may serve penalty orders upon the defaulting mobile money provider. Herald
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