Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, 2020 (S.I. 80 of 2020)
zw-fintech-si80-2020 · Regulation
The Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, 2020 (Statutory Instrument 80 of 2020) are subsidiary legislation made by the Minister of Finance and Economic Development in terms of section 81 of the Banking Act [Chapter 24:20]. They are a central fintech instrument in Zimbabwe because they transferred the licensing of mobile money to the Reserve Bank of Zimbabwe (RBZ) and mandated interoperability across mobile banking and money-transmission services. The Regulations apply to money-transmission providers, mobile banking providers and mobile money operators. They require providers to be licensed as money-transmission businesses by the RBZ and impose prudential and conduct conditions on their operations. A key consumer-protection requirement is that providers keep customers' funds in segregated trust accounts, fully backing customer balances and ring-fenced from the provider's own funds, bringing mobile money closer to banking-grade safeguards. The Regulations enforce interoperability for all mobile banking and money-transmission services, so that customers of different providers can transact across networks, and they set licensing requirements, fees and procedural conditions for new payment service providers (set out in the schedules). They also address governance, agent oversight, transaction limits, anti-money-laundering and reporting obligations, and confer supervisory and enforcement powers on the RBZ. S.I. 80 of 2020 was subsequently amended by S.I. 17 of 2025, which revised the First Schedule affecting licensing fees and procedural requirements for new payment service providers. Operating alongside the National Payment Systems Act [Chapter 24:23] and under the Banking Act, the Regulations (as amended) remain in force and are a key instrument for mobile money licensing and interoperability in Zimbabwe.
- Transfer mobile money licensing to the Reserve Bank of Zimbabwe and require providers to be licensed money-transmission businesses
- Mandate interoperability across all mobile banking and money-transmission services
- Require customer funds to be held in segregated trust accounts fully backing customer balances
- Set licensing requirements, fees and procedural conditions for new payment service providers (schedules)
- Impose governance, agent-oversight, transaction-limit, AML and reporting obligations with RBZ supervision and enforcement
- Made under section 81 of the Banking Act [Chapter 24:20]; subsequently amended by S.I. 17 of 2025