RBZ tightens grip on mobile money

The Reserve Bank of Zimbabwe (RBZ) is moving to integrate the national database of the Civil Registry Department with mobile financial services subscriber records in a sweeping effort to tighten identity verification, curb fraud and reduce illicit financial flows in the country's fast-growing digital payments sector.

The initiative forms part of measures outlined in the 2026 Monetary Policy Statement by RBZ Governor John Mushayavanhu, who said the move would strengthen the integrity of Zimbabwe's digital financial ecosystem.

Under the new framework, mobile money operators will be required to implement robust, multi-layered Know Your Customer (KYC) systems, including real-time validation of national identity numbers through the Civil Registry database, biometric verification and secure digital storage of customer records.

Dr Mushayavanhu said integration with Civil Registry records is already underway, with the central bank working alongside relevant State agencies to achieve full system connectivity.

“The validation with the Civil Registry is already in place. The RBZ is also working with relevant State agencies towards 100 percent Civil Registry integration for all mobile financial services to enable secure, API-driven identity authentication and expects strengthened biometric verification to reduce impersonation risks,” he said.

According to the central bank, the objective of the exercise is to protect consumers and stabilise the digital payments ecosystem.

Dr Mushayavanhu said the intervention would mitigate financial crime risks such as fraud, impersonation and illicit financial flows. It will also address monetary risks including artificial inflation of transaction volumes, speculative trading and abuse of small-value transactions, as well as market conduct concerns such as irregular agent registrations and the creation of duplicate or ghost wallets.

The RBZ warned that mobile money operators failing to comply with the new regulations will face penalties and sanctions.

“The RBZ will deploy enhanced compliance reporting, targeted inspections, advanced transaction analytics and mandatory deregistration of unverified lines and accounts where necessary,” Dr Mushayavanhu said.

“Administrative penalties and sanctions will apply for non-compliance. Consumer protection oversight will also be strengthened to ensure proper onboarding, agent compliance and customer communication.”

The central bank has set June 30, 2026, as the deadline for full compliance by mobile money operators.

The integration will allow authorities to verify mobile money users through biometric and national identity checks by cross-referencing subscriber information held by mobile network operators and mobile money platforms against official Civil Registry records.

The move follows a directive ordering operators to deregister accounts that cannot be verified against valid national identification documents by the end of June.

Although operators previously complied with a 2021 regulatory requirement enforcing a strict “one line, one wallet” rule — limiting each SIM card to a single mobile money account — the RBZ says inconsistencies remain in telecommunications subscriber databases.

According to the central bank, irregularities such as duplicated identities, ghost lines and mismatched subscriber details continue to pose systemic risks within the digital financial system.

Authorities believe the integration of Civil Registry data with telecommunications and mobile money databases will create a more secure and transparent ecosystem, ensuring that every mobile money wallet is directly linked to a verifiable national identity.

The reform is also expected to enhance regulatory oversight of the rapidly expanding mobile money sector, which plays a critical role in Zimbabwe's payment systems by facilitating everyday transactions, remittances and broader financial inclusion.