EcoCash And Mobile Money Platforms To Verify Ownership Through Registrar General By June 2026: RBZ

EcoCash, Mobile Money On Alert: RBZ Orders Account Verification With Registrar General

Mobile money giants like EcoCash have just been handed a June 2026 deadline that will change everything. The Reserve Bank of Zimbabwe (RBZ) has ordered mobile money platforms to verify every single account holder with the Registrar General’s Department. The mission? To crush criminals who have been raiding the wallets of dead Zimbabweans.

Dead Accounts Fueling Fraud

Governor John Mushayavanhu dropped the bombshell during his Monetary Policy Statement on February 27th. He revealed that syndicates have been exploiting a grim loophole. Accounts belonging to deceased persons have become prime targets for abuse.

The Governor stated, “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.”

This isn’t just a simple data clean-up. It is a forensic dragnet. By linking mobile money databases with the national death registry, the RBZ aims to freeze out fraudsters the moment an account holder passes away. Every EcoCash wallet will be checked against official records. Any account without a verified, living owner faces deactivation.

Bank Charges Slashed To Zero

In a move that has consumers cheering, the RBZ has obliterated some of the most hated bank fees. The cost of simply checking your balance is now a thing of the past.

The central bank announced sweeping changes to banking costs. Cash withdrawal fees have been slashed and are now set at 2 percent. Point-of-Sale transactions are now capped at just 1.5 percent. In a massive win for account holders, charges for balance inquiries and cash deposits have been completely eliminated.

The Governor also took direct aim at mobile money tariffs for 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 ensures that sending small amounts for airtime or bus fare remains free, protecting the most vulnerable users from hidden fees.