Mobile network operators barred from advancing soft loans

The Reserve Bank of Zimbabwe (RBZ) has set a June 2026 deadline for mobile network operators to cleanse their customer databases of unverified accounts. 
RBZ Governor John Mushayavanhu announced that all accounts must be verified with legitimate identity documents, and any unverified accounts must be removed. The central bank will conduct audits by the end of June to ensure compliance, citing concerns over money laundering and the use of anonymous accounts for illicit financial activity.
In addition, the RBZ has mandated that all nano-loans issued by mobile operators must be underwritten by commercial banks and reflected on their balance sheets. 
Mushayavanhu criticized the practice of mobile operators issuing instant microloans outside the regulated banking system, arguing that it creates unbacked money and circumvents financial regulations.
The governor extended the banking sector's zero-fee policy for small-value transactions to mobile operators, emphasizing that any charges on transactions under five dollars could lead to the revocation of their payment service licenses. The measures aim to tighten regulation, close loopholes, and ensure that mobile financial services operate under proper oversight, aligning them with the broader financial system.