RBZ mulls electronic payments regulation

RBZ plans to introduce regulations that govern electronic transactions following the proliferation of technology based payment platforms.

RBZ Financial markets division deputy director William Manhimanzi said innovation has gone ahead of legislation and at the moment the central bank is at consultative stage.

He said there is need to continuously amend regulations as technology keeps changing.

The new regulations will enable effective management and operation of all electronic payment platforms, particularly cards, mobile, e banking and internet among others.

Manhimanzi said financial institutions and other players particularly mobile network operators must work together to ensure greater interoperability.