Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) (Amendment) Regulations, 2025 (No. 1)
A new payment service provider licence now costs US$5 000 to apply for, plus an annual fee of 2% of gross turnover capped at US$50 000 — all fees excluding VAT.
The First Schedule to the Banking (Money Transmission, Mobile Money and Mobile Money Interoperability) Regulations, 2020 is repealed and replaced with a new fee table. All figures are in US dollars and exclude Value Added Tax.
Application fees are now tiered by what is being applied for. A new payment service provider pays US$5 000. Enhancing an existing payment service provider's products costs US$1 000. A new auxiliary or ancillary service provider pays US$500, and enhancing an existing auxiliary or ancillary service provider costs US$100.
Annual licence fees are charged on turnover rather than as a flat amount. A payment service provider pays 2% of gross annual turnover, capped at US$50 000. An auxiliary or ancillary service provider pays 1% of gross annual turnover, capped at US$15 000. The caps matter: above US$2.5 million of turnover for a payment service provider, and US$1.5 million for an auxiliary provider, the fee stops rising, so the percentage bites hardest on mid-sized operators.
Zimbabwean applicants may pay in local currency at the prevailing foreign exchange rate on the date of payment.
One inconsistency in the published text: the instrument's title refers to "Mobile Banking" while section 1 and the citation of the 2020 principal regulations refer to "Mobile Money". No commencement date is stated; the regulations were gazetted on 28 February 2025.
What changed
- The First Schedule to the 2020 regulations is repealed and replaced with a new fee table, in US dollars excluding VAT.
- Application for a new payment service provider licence: US$5 000.
- Application to enhance an existing payment service provider's products: US$1 000.
- Application for a new auxiliary or ancillary service provider: US$500; enhancement of an existing one: US$100.
- Annual licence fee for a payment service provider: 2% of gross annual turnover, capped at US$50 000.
- Annual licence fee for an auxiliary or ancillary service provider: 1% of gross annual turnover, capped at US$15 000.
- Zimbabwean applicants may pay in local currency at the prevailing exchange rate on the date of payment.
Who this affects
- payment service providers and mobile money operators
- auxiliary and ancillary service providers in the payments sector
- fintech startups applying for a new licence
- banks operating mobile banking and money transmission services
Plain-language summary — not legal advice. Always read the full instrument.