19 March 2018
MDC-T splits; Khupe group joins Mujuru
Chamisa’s election not free & fair: Chinoz
Striking doctors blast ‘dishonest government’
MP chides colleagues over Moyo Zimdef
Mugabe backed NPF vows poll triumph
Minister: Met office equipment 30yrs old
Chivayo: OPC refuses Parly summons
SMM ex-employees ‘drink from toilets’
Agribank optimistic on re-engagement
Farmers owe Zinwa $39m, refuse to pay
Miss Albinism beauty pageant fights stigma
Muridzo convicted over hit and run crash
Highlanders win as Caps & City draw
Morocco: $16bn for World Cup venues
Why new dispensation keeps old problems
Bitter Mugabe repeats Berlusconi mistake
Zim politics and its eager prostitutes
Unpacking Mugabe’s Khupe overtures
No legal framework for mobile banking
22/11/2013 00:00:00
by The Source
Unacceptable practices ... George Guvamatanga
Econet allays fears, says EcoCash secure
Econet in new mobile money product
Govt says it trusts Masiyiwa’s EcoCash
EcoCash has changed lives: Steward Bank
Each EcoCash transaction now taxed
Firms can now pay wages via EcoCash
EcoCash to start lending, like banks
New EcoCash service embraces ‘unbanked’
EcoCash undergoes multi-million expansion
EcoCash looks to treble SA remittances
Econet: The standard for value creation
Econet slashes money transfer fees
EcoCash: banks must diversify or die
Mutambara raps banks over EcoCash
Stanbic bank joins EcoCash service
Econet lashes CABS, Old Mutual
Gono rejects banks pressure on EcoCash
Investors to buy shares using EcoCash
CBZ Bank joins EcoCash

ZIMBABWE does not have a legal framework that governs mobile banking services, opening up the sector to unacceptable practices, a Bankers Association of Zimbabwe official said on Friday.

BAZ president George Guvamatanga told participants at the presentation of results of a survey on the banking sector by a local publishing house that there is a proliferation of banking services that are not properly regulated.

“We are promoting unacceptable practices,” Guvamatanga said.

Zimbabwe’s three mobile phone network operators, Econet, Telecel and NetOne all run mobile money transfer services with the approval of the Reserve Bank of Zimbabwe.

Econet, Zimbabwe’s largest mobile operator, has gone further to launch a savings facility which allows subscribers to hold accounts under its Ecosave service, which is linked to Steward Bank, an institution it wholly owns.

Users can save as little as a dollar on their accounts. Its money transfer service, Ecocash, has over three million subscribers and has handled transactions worth over $2 billion since it was launched in August 2011.

Analysts say none of these services are covered by the Banking Act, adding that the central bank used its discretion to approve them.

“My view is that we do not make clear and straight forward policies. Most of the policies and guidelines give a lot of discretion to the regulator…we need to reduce discretion and implement clear cut policies that are backed by legislation, this will minimise misinterpretation and policy reversals,” said Guvamatanga.

Critics of the banks have, however, accused them of failing to innovate and seeking to use the law to gain protection from technology firms which are encroaching into financial services.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker