Govt crafting a law to monitor electronic financial transactions

The government is crafting a law to monitor electronic financial transactions with a view to curbing scams and unfair practices.

Briefing the media during a post Cabinet press conference, Information Minister, Monica Mutsvangwa, said the Executive had considered and approved the principles for the Electronic Transactions and Electronic Commerce Bill, which were presented by the Minister of Information Communication Technology, Postal and Courier Services, Jenfan Muswere.

“The nation is being informed that the development of information communication technologies in cyberspace requires that the legal and policy environment be adapted to take into account the relevant changes,” said Mutsvangwa.

“In particular, there is a need for a holistic electronic transaction regulation regime in the face of the opening up of markets and movement of goods and services across borders, and growing incidences of scams and unfair practices, which leave the end-user at risk.”

She said the Electronic Transactions and Electronic Commerce Bill would attune the country’s legal framework to technological changes by addressing the current deficiencies in most of the country’s existing laws, which were designed for paper-based transactions.

“The Bill will promote and advance the business environment in Zimbabwe by establishing a legislative framework that enables fair, accessible, responsible and sustainable online transacting,” she elaborated.

“The Bill will, in whole or in part, consolidate and harmonise existing electronic transactions-related legislation, such as the Consumer Contracts Act [Chapter 8:03]. The key issues provided for by the Bill are the use and regulation of electronic contracts and electronic transactions.”

The proposed law, Mutsvangwa said, would also establish a predictable, accessible, safe and transparent online trading environment, which she said was necessary for e-commerce to flourish.

She added: “It will also result in business innovation, while simultaneously empowering consumers supported by well-resourced, effective and efficient regulatory institutions.”

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