Zimbabweans can now transfer money between Ecocash, OneMoney, Telecash, ZIPIT

Zimbabweans will soon be able to transfer mobile money between EcoCash, OneMoney, TeleCash and even ZIPIT after the government gazetted a new law making this mandatory. According to a Statutory Instrument gazetted by Government, interoperability between networks is now compulsory.

Before the new instrument, people were sending money between EcoCash, NetOne and TeleCash using Steward Banks’ WhatsApp Banking and Sosholoza.

Part of the  latest Zimbabwe Statutory Instrument says:

(3) On the date of commencement of these regulations, money transmission providers and mobile banking providers recognised in terms of the National Payment Systems Act [Chapter 24:23] are deemed to be licensed under these regulations.

Additional requirements for provision of money transmission and mobile banking services

4. (1) It shall be mandatory for every money transmission provider and mobile banking provider shall be connected to a national payment switch, as shall be directed by written notice by the Reserve Bank from time to time that enables interoperability of payments systems and services.

(2) For purposes of connecting to the national payment switch in terms of subsection (1) every money transmission provider and mobile banking provider shall install, deploy or commission such infrastructure and connection protocols, credentials and documentation necessary to enable integration with any recognised payment system in terms of the National Payment System Act [Chapter 24:23].

(3) Every money transmission provider and mobile banking provider shall open and maintain a bank account that is designated exclusively for mobile banking services.

(4) Every money transmission provider and mobile banking provider shall ensure that no money is transmitted or is retained on the payment system without a corresponding correct bank balance.

(5) Every money transmission provider and mobile banking provider must submit periodic returns to the Reserve Bank at intervals as shall be determined by the Reserve Bank from time to time, which shall include —

(a) the values and volumes including the cumulative total from the beginning of the year to date;
(b) a reconciliation of the mobile account balances between mobile money platform and the core banking system;