Mobile network operators barred from advancing soft loans
THE Reserve Bank of Zimbabwe (RBZ) has given mobile network operators until June 2026 to purge their customer databases of unverified accounts. Additionally, the central bank has mandated that nano-loans offered by these operators must now be underwritten by commercial banks and reflected on their balance sheets. During the presentation of the 2026 Monetary Policy […] The post Mobile network operators barred from advancing soft loans appeared first on NewZimbabwe.com.
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THE Reserve Bank of Zimbabwe (RBZ) has given mobile network operators until June 2026 to purge their customer databases of unverified accounts.
Additionally, the central bank has mandated that nano-loans offered by these operators must now be underwritten by commercial banks and reflected on their balance sheets.
During the presentation of the 2026 Monetary Policy Statement, RBZ Governor, John Mushayavanhu, announced that the central bank will conduct an audit to ensure compliance by the end of June this year.
“By June 2026, mobile operators must, with the assistance of the Registrar General, verify all accounts and remove any that cannot be validated with a legitimate ID (identity document),” Mushayavanhu stated.
The move aims to curb money laundering and the use of anonymous accounts for illicit financial activities.
“We cannot allow mobile money accounts to be used for money laundering. This must stop, and mobile network operators must immediately begin cleansing their databases,” he added.
Mushayavanhu also extended the banking sector’s zero-fee regime for small-value transactions to mobile operators, dismissing claims that they should be exempt, given they are not banks.
“When banks agreed to waive fees for transactions of up to five dollars, mobile operators assumed this didn’t apply to them. They want to be banks when it suits them but not when it doesn’t. The same rules apply to them,” he explained.
He further warned mobile network operators that if any of them charged fees for transactions under five dollars, their licenses to provide payment services would be revoked.
The RBZ boss also criticised mobile operators for offering instant microloans, commonly known as nano-loans, which he said circumvent the regulated financial system and create unbacked money.
“Mobile operators have been issuing nano-loans, often as small as 10 dollars for things like airtime. This practice is not acceptable outside the regulated banking framework,” he said.
Going forward, all nano-loans must be underwritten by commercial banks and reflected in their financial statements. The central bank will audit these practices to ensure compliance.
These measures mark a major tightening of regulations for mobile network operators, who have been increasingly offering financial services without the full oversight of banking regulations. The RBZ’s actions aim to eliminate regulatory loopholes and ensure that all financial intermediaries are subject to proper oversight.
The post Mobile network operators barred from advancing soft loans appeared first on NewZimbabwe.com.
