RBZ Clamps Down on Mobile Money Abuse Amid Fraud Concerns

The Reserve Bank of Zimbabwe has announced sweeping new controls on mobile network operators citing concerns over fraud, unregulated lending and threats to financial stability. Speaking on recent developments in the financial sector, RBZ Governor John Mushayavanhu said authorities had uncovered widespread abuse of mobile money platforms. He pointed to a recent case in Chitungwiza where individuals were found holding dozens of SIM cards linked to mobile wallets.

“Some individuals were found with up to 50 SIM cards each and each of those SIM cards is a wallet,” he said. According to the central bank, many of these accounts are fraudulently registered including under the names of deceased individuals making it difficult for police to trace financial crimes. “When law enforcement tries to track perpetrators they hit a dead end because the account belongs to a deceased person,” Mushayavanhu said.

In response, the RBZ has ordered all mobile network operators (MNOs) to verify and clean up their customer databases in coordination with the Registrar General’s Office. Operators have been given until the end of June to complete the exercise after which the central bank will conduct an audit. Authorities say any accounts that cannot be linked to valid identification must be removed.