Zim GBC News | Business Correspondent
HARARE – In a sweeping move to cleanse the financial system, the Reserve Bank of Zimbabwe (RBZ) has issued a strict directive ordering all mobile money platforms, including industry giant EcoCash, to fully verify their account holders with the Registrar General’s Office by June 2026. The measure is aimed at dismantling criminal syndicates that have been systematically raiding the mobile wallets of deceased Zimbabweans.
The announcement was made by RBZ Governor John Mushayavanhu during his Monetary Policy Statement presented on February 27th. The Governor revealed that the abuse of dormant accounts belonging to the dead has become a lucrative loophole for fraudsters.
Dead Accounts Fueling Fraud
Presenting his policy statement, Governor Mushayavanhu outlined the grim reality of the situation, where syndicates exploit the delay between a person’s death and the freezing of their financial assets.
“Mobile money platforms must by June 2026 have verified ownership of accounts in conjunction with the Registrar General’s Department to stop the abuse of accounts that belong to deceased people by criminals,” Governor Mushayavanhu stated.
This new directive establishes a forensic link between mobile money databases and the national death registry. The integration will effectively freeze out fraudsters the moment an account holder passes away. Every wallet will be cross-checked against official records, and any account that cannot be matched to a verified, living owner faces immediate deactivation.
Bank Charges Slashed To Zero
In a separate but equally significant move designed to ease the cost of living, the RBZ has eliminated several bank fees that have long frustrated consumers.
The central bank announced sweeping changes to transaction costs across the board. Cash withdrawal fees have been significantly reduced to 2 percent, while Point-of-Sale (POS) transactions are now capped at just 1.5 percent. In a massive win for account holders, the central bank has completely scrapped charges for balance inquiries and cash deposits.
Governor Mushayavanhu also took direct aim at mobile money tariffs, ensuring that the cost of living does not stifle the poor. He declared that mobile money platforms like EcoCash “must not charge customers for transactions that cost not more than $5 (approximately R90).”
This measure guarantees that sending small amounts for essentials like airtime or bus fare remains free, protecting the most vulnerable users from hidden transaction fees that erode their purchasing power.
The financial sector now has just over a year to comply with the verification order, as the RBZ signals a new era of accountability and consumer protection in Zimbabwe’s digital finance space.
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