HARARE, – The Reserve Bank of Zimbabwe (RBZ) has come up with guidelines to govern the operations of mobile banking products to protect consumers while awaiting proper legislation, an official said.
Last week Information Communication Technologies permanent secretary, Sam Kundishora said the ministry was working on the bill, which he said had become critical with the rise in usage of mobile platforms to transfer money in the country, as customers could fall victim to system failures.
“The reason why we are moving to put guidelines is that legislation in Zimbabwe takes long to come up and meanwhile products are there and people are using those products. You want at least people to have guidance in terms of how they operate,” the bank’s representative, William Manimanzi told stakeholders attending a Consumer Council of Zimbabwe seminar on Tuesday.
Bankers Association of Zimbabwe president, George Guvamatanga told the same meeting that there was need to open the platform and allow more players to come into the market and for regulators to come up with a legal framework.
“We cannot have a bank that is unregulated,” he said.
Guvamatanga dismissed claims that they were afraid of competition.
“Can I put it on record that before any mobile networks came with mobile banks, we were ahead of the curve, the approval just took longer,” he said.
He expressed concern at mobile operators keeping depositors funds in trust accounts and wanted to know how the Deposit Protection Board would protect depositors in such cases.
Guvamatanga said domination of the market by one big player would result in perpetual monopoly with high prices. – The Source
Last week Information Communication Technologies permanent secretary, Sam Kundishora said the ministry was working on the bill, which he said had become critical with the rise in usage of mobile platforms to transfer money in the country, as customers could fall victim to system failures.
“The reason why we are moving to put guidelines is that legislation in Zimbabwe takes long to come up and meanwhile products are there and people are using those products. You want at least people to have guidance in terms of how they operate,” the bank’s representative, William Manimanzi told stakeholders attending a Consumer Council of Zimbabwe seminar on Tuesday.
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| RBZ says drafting guidelines for mobile banking |
“We cannot have a bank that is unregulated,” he said.
Guvamatanga dismissed claims that they were afraid of competition.
“Can I put it on record that before any mobile networks came with mobile banks, we were ahead of the curve, the approval just took longer,” he said.
He expressed concern at mobile operators keeping depositors funds in trust accounts and wanted to know how the Deposit Protection Board would protect depositors in such cases.
Guvamatanga said domination of the market by one big player would result in perpetual monopoly with high prices. – The Source
