Local currency would not have taken such a knock if the authorities had acted quickly against mobile money platforms
Over the years, we have seen city and town councils across Zimbabwe demolishing houses built illegally on land not owned by the builder, or without initial planning approval.
Unfortunately, we are witnessing a similar situation in the financial services sector, where illegal activities are allowed to flourish for years and reach levels where the value of the local currency is being decimated. In the past couple of weeks, we have seen the financial intelligence unit of the Reserve Bank of Zimbabwe coming down hard on what it called abuse of national payment systems, mobile money and the Zipit platforms.
The FIU identified more than 1,000 agent lines that it said lacked proper know-your-customer records, which it proceeded to block. On the Zipit platform the FIU said the system has shortcomings that make it difficult for banks, regulators and law enforcement agencies to speedily identify those sending and receiving the funds, or to identify multi-banked users.
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