adminRBZ registrar of banking institutions, Mr Norman Mataruka said payment of application fees could now be deposited into a bank account instead of applicants travelling all the way to Harare for the transaction.
“All money lending and micro finance institutions registered by the RBZ in terms of the Money lending and Rates of Interest Act including all prospective applicants will now be required to pay their application fees into the reserve bank account 2053507,” said Mr Mataruka.
“All MFIs application fees payment may be executed through depositing the money into the RBZ account or via a RTGS transfer.
“The stamped copy of the bank deposit slip or RTGS confirmation receipt should be attached to the licence application documents upon submission to the relevant division of the RBZ,” he said.
Mr Mataruka urged MFIs to appoint a person qualified to advise the institution on the proper code of conduct of the business.
“The appointed person will instruct the MFI to suspend or remove any of the directors, officers or employers from their duties including directing the institution to suspend all or any of its money lending business operations,” he said.
Mr Mataruka said the RBZ would continue to monitor operations of money lending institutions which fail to comply with legal requirements as well as internationally accepted standards.
“Non compliance will attract supervisory action including cancellation of licence and blacklisting,” he said.
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