The Zimbabwe government is planning to issue new regulations that will force telecoms operator Econet to provide local banks access to its mobile banking service.
The move by the government came after the mobile operator entered into a dispute with local banks, which wanted to use the firm’s subscribers to offer their financial services.
Go deeper with GlobalData
As Econet denied the banks’ deal, they urged the Reserve Bank of Zimbabwe to come up with regulations.
Economist Godfrey Kanyenze was quoted by SW Radio Africa as saying that he is not surprised that other banks are calling for regulation of the mobile banking sector, given that billions of dollars can be made from the sector.
"It is one of the fastest growing sectors in terms of reach and access to the previously unbanked population, especially in the rural areas," Kanyenze added.
Zimbabwe Information and Communication Technology Department analyst Robert Ndlovu told the website that any regulatory framework will also enable government to tap into new revenue streams through taxation, considering that Econet is the largest telecoms operator in the country.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
