A Comparative Assessment of the Soundness of Financial Governance Systems for the Oversight of Mobile Money Services in Zimbabwe and South Africa
DOI:
https://doi.org/10.25159/2522-3062/18000Keywords:
regulatory governance, mobile money, financial inclusion, state capture, regulatory capture, financial regulationAbstract
In an unprecedented move, Zimbabwe announced plans in May 2024 to allow mobile money agents to operate again after a 2020 ban, suggesting a shift in its regulatory approach. The country’s mobile money regulatory framework has been criticised for lacking a comprehensive structure to promote financial inclusion. Literature identifies three regulatory approaches in Zimbabwe—wait-and-see, test-and-learn and risk-based—but focuses on applying traditional banking regulations, overlooking how governmental decisions are made. This article begins from the premise that Zimbabwe’s approach to mobile money regulation follows a top-down governance model, creating fertile ground for state and regulatory capture. In pursuit of specific objectives to identify regulatory best practices and weaknesses in top-down governance approaches to mobile money regulation, a comparative analysis of Zimbabwe’s and South Africa’s financial sector governance frameworks for the oversight of mobile money services is presented. The analysis finds that South Africa’s governance of mobile money is stronger than Zimbabwe’s, reflecting principles of accountability, checks and balances and public participation. This article makes recommendations for Zimbabwe to adopt a robust oversight framework that supports financial inclusion while safeguarding market integrity.
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