President Emmerson Mnangagwa said that most Zimbabwean banks are flouting the country’s laws in their operations.
Writing in his column in The Sunday Mail, Mnangagwa said only 5 out of 16 deposit-taking institutions passed the integrity test. He said:
Today, I can share with the nation that out of the 16 deposit-taking institutions we have in our economy, only five passed the integrity test, with the rest having been involved in activities that ran contrary to the terms of their operating licences. Punishments have since been meted out.
Let no one ever think that my administration will flinch from, or hesitate to take corrective action, however drastic.
In addition, the size of offenders means nothing to us; we will come for you once you dabble in the unlawful and unethical.
No one player is stronger than the government; or above punishment.
We Are Watching Them
President Mnangagwa said the “greedy and devious economic actors” attacked the country’s mobile banking platforms before moving to the financial sector but the government is keeping an eye on them. He said:
The fight against economic destabilisation began with a determined crackdown on errant actors in the mobile telecommunications industry.
Actors in this sector had taken advantage of clear legal lacunae, and of our desire to use mobile platforms for financial inclusivity, to cause mayhem in financial markets.
We acted against them. We continue to watch them so their actions and conduct remain proper and lawful.
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