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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
