RBZ orders mobile operators to verify accounts, tightens nano‑loan rules

Reserve Bank of Zimbabwe, John Mushayavanhu

HARARE — The Reserve Bank of Zimbabwe (RBZ) has set a June 2026 deadline for mobile network operators to cleanse their customer databases of unverified accounts and tightened rules governing mobile‑issued nano‑loans, Governor John Mushayavanhu announced.

Under the new directives, all mobile money accounts must be verified with legitimate identity documents by the end of June. Any accounts that remain unverified are to be removed from operators’ systems, and the RBZ will carry out audits at the end of the month to ensure compliance. The central bank said the measures are aimed at curbing money‑laundering risks and preventing the misuse of anonymous accounts for illicit financial activity.

Nano‑loan underwriting and balance‑sheet rules

The RBZ has also mandated that all nano‑loans issued by mobile operators must be underwritten by commercial banks and recorded on those banks’ balance sheets. Governor Mushayavanhu criticised the practice of mobile operators issuing instant microloans outside the regulated banking system, saying it creates unbacked money and circumvents financial regulations.

By requiring bank underwriting and on‑balance‑sheet recognition, the RBZ intends to bring mobile credit products under existing prudential and consumer‑protection frameworks and to ensure proper risk management and oversight.

Zero‑fee policy extended to mobile operators

Mushayavanhu extended the banking sector’s zero‑fee policy for small‑value transactions to mobile money providers. The RBZ warned that any charges on transactions under US$5 could lead to the revocation of payment service licences for offending operators. The move is designed to protect low‑value users from transaction costs and to harmonise pricing across formal payment channels.

Why the measures matter

• Anti‑money‑laundering: Removing anonymous or unverified accounts reduces opportunities for illicit flows and strengthens the traceability of transactions.

• Regulatory parity: Requiring bank underwriting for nano‑loans aligns mobile credit with regulated lending practices and places consumer protection and capital‑adequacy safeguards on these products.

• Financial inclusion and cost protection: Extending the zero‑fee rule for small transactions protects low‑value users and supports the RBZ’s broader financial‑inclusion objectives while preventing predatory pricing.

• Market integrity: Audits and the threat of licence revocation create strong incentives for operators to comply quickly and transparently.

Practical implications and next steps

• For mobile operators: They must verify customer identities using acceptable ID documents, remove unverified accounts by the June deadline, and put in place formal underwriting arrangements with commercial banks for any nano‑loan products. Operators should prepare for RBZ audits and review fee schedules to ensure no charges apply to transactions under US$5.

• For commercial banks: Banks that underwrite mobile nano‑loans will need to reflect these exposures on their balance sheets, apply appropriate credit assessment and provisioning, and ensure compliance with prudential rules.

• For consumers: Users should verify their mobile money accounts promptly to avoid service disruption. Consumers who use nano‑loan products should expect clearer terms, stronger consumer protections, and potentially different application or repayment processes once loans are bank‑underwritten.

• For regulators and enforcement: The RBZ will conduct end‑June audits and has signalled readiness to enforce penalties, including licence revocation, for non‑compliance.

Quick facts

• Deadline for account verification: June 2026.

• Nano‑loan rule: All mobile‑issued nano‑loans must be underwritten by commercial banks and shown on bank balance sheets.

• Zero‑fee extension: No charges allowed on transactions under US$5 for mobile operators; breaches may lead to licence revocation.

• Enforcement: RBZ audits scheduled for the end of June; measures aimed at preventing money‑laundering and unbacked money creation.

RBZ mobile account verification June 2026