Zimbabwe Updates Digital Policy Playbook With AI Rules Set to Reshape Fintech Regulation

HARARE — Zimbabwe’s National Artificial Intelligence Strategy is set to trigger significant changes in how fintech and digital financial services are regulated, as policymakers move to introduce AI-specific governance, data-sharing frameworks and risk-based oversight.

The strategy proposes the development of a National AI Act and revisions to existing laws such as the Cyber and Data Protection Act to address algorithmic risk, automated decision-making and data governance in AI-driven systems .

For fintech firms increasingly reliant on machine learning — from credit scoring and fraud detection to customer onboarding — the policy signals a shift toward clearer but more structured oversight. High-risk AI applications, particularly those affecting access to finance or consumer rights, would be subject to mandatory ethical and impact assessments.

Regulators are expected to adopt a tiered, risk-based approach, distinguishing between low-risk automation and high-stakes AI systems that influence lending decisions, identity verification or financial surveillance. This mirrors global regulatory trends while adapting them to local market realities.

A key policy development is Zimbabwe’s emphasis on data sovereignty. The strategy calls for the creation of sovereign data platforms and strengthened national data governance, allowing fintech firms to access government-held datasets under defined conditions while ensuring sensitive data remains under local control .

For fintech operators, this could unlock new opportunities — such as improved alternative credit scoring using public data — while also increasing compliance obligations related to data localisation, consent and transparency.

The strategy also proposes closer coordination between digital regulators, financial authorities and sector-specific oversight bodies through a National AI Council. This cross-regulatory structure is intended to reduce fragmentation and provide clearer guidance to innovators navigating multiple compliance regimes.

Importantly for fintech startups, the policy framework includes regulatory sandboxes that allow time-bound exemptions or modified requirements during pilot phases. Officials say this is designed to balance innovation with consumer protection, particularly in emerging areas such as AI-driven micro-lending and embedded finance.

Zimbabwe’s approach also reflects concern about cross-border digital dependence. The document warns against over-reliance on foreign AI platforms that could extract data or profits without sufficient local value creation, a theme increasingly prominent in African digital policy debates.

While the strategy stops short of detailing enforcement mechanisms, it outlines plans for continuous monitoring, public reporting and periodic regulatory updates to keep pace with technological change.

For fintech firms operating in Zimbabwe or considering market entry, the message is clear: AI-enabled finance is encouraged, but it will operate within a more defined governance and accountability framework.

The first regulatory changes are expected to be introduced during the strategy’s foundation phase, starting in 2025, with broader implementation through 2030.