'Regulate mobile banking'

Zimbabwe does not have a clear regulation that protects depositors' funds under mobile banking in the event that a telecommunications firm collapses.

BAZ legal committee chairperson Aisha Shamu told the Parliamentary Portfolio Committee on Budget and Finance that the new Banking Act should address issues surrounding protection of depositors' funds under mobile banking platforms.

The Banking Act Amendment Bill is currently on its second reading in Parliament.

Shamu said Zimbabwe should take a cue from countries like Kenya which have well defined legislation that govern mobile banking and protection of depositors' funds.

She said countries like Kenya have a clear framework and legislation that govern mobile banking as compared to Zimbabwe where arrangements between telecommunication firms are rather contractual and not constitutional.