RBZ Orders Freeze of Mobile Money Agent Accounts Over Suspected Forex Illicit Deals

The Reserve Bank of Zimbabwe (RBZ), through its Financial Intelligence Unit (FIU), has directed banks to immediately freeze accounts linked to mobile money agents suspected of involvement in illicit foreign currency transactions and money laundering. The directive, issued by Acting FIU Director-General Oliver Chiperesa, targets agents operating on EcoCash and OneMoney platforms.

According to the directive, financial institutions have been ordered to identify and freeze all bank accounts connected to individuals and entities listed as suspected participants in illegal forex dealings. The instruction applies to accounts that facilitate transfers between bank accounts and mobile money wallets, a channel authorities say has been used to move funds linked to parallel market activities.

“It is critical that the freezing is effected immediately as any delay can result in funds being moved from the accounts before freezing is effected,” the directive states.

The move is widely seen as part of efforts by the RBZ to stabilise the local currency and curb pressure on the United States dollar, which has been driven by high demand on the parallel market. Financial analysts say mobile money platforms have increasingly come under scrutiny in Zimbabwe’s foreign exchange ecosystem.

“Mobile money agents can play a role in facilitating rapid movement of funds, which, if unregulated, may contribute to parallel market activities,” said a Harare-based economist.

In addition to freezing accounts, banks have been instructed to submit detailed Know Your Customer (KYC) information for each flagged account.

This includes:

• Account details and balances

• Business addresses

• Names of directors and executives

• Shareholding structures

• Ultimate Beneficial Owners (UBOs)

• Nature of business and source of funds

Authorities say the information will assist in ongoing investigations and help trace financial flows linked to suspected illegal activities.

The directive places banks under pressure to act swiftly while ensuring compliance with regulatory requirements. Experts note that such measures are typically used to disrupt suspected financial crimes, but caution that enforcement must be balanced with due process.

“Freezing accounts is a powerful tool, but it must be backed by thorough investigation to avoid unintended disruption to legitimate businesses,” said a financial compliance specialist.

The crackdown comes amid ongoing efforts to tighten monetary controls and restore confidence in Zimbabwe’s financial system. Authorities have repeatedly flagged illicit foreign currency trading as a key driver of exchange rate volatility, inflation, and economic instability.

By targeting mobile money agents, the RBZ appears to be focusing on a critical link in the informal forex market chain.

While the full list of affected agents has not been officially released, banks are expected to comply immediately with the directive. The FIU has indicated that further action may follow depending on the outcome of investigations. For now, the financial sector remains on alert as authorities intensify efforts to clamp down on money laundering and stabilise the currency.

RBZ account freeze