Zimbabwe's central bank says it is playing up to technological advances through regulatory improvements to ease payments and transactions in the country's cash-starved economy.

Experts have singled out regulatory authorities for holding back advancements in mobile money systems and platforms.

Rating agency Moody's said in a report this week that regulatory authorities in Sub Saharan Africa "should allow companies to innovate and test their services outside the confines of strict regulation" to promote growth and further development.

"The regulator must, nonetheless, continuously monitor their operations and also have a good understanding of related risks and how these are mitigated/addressed," the agency commented.

The Reserve Bank of Zimbabwe says it is geared to clear such hurdles, highlighting that it has a mandate to see the country transition from heavy usage and reliance on cash for transactions and payment settlements.

This follows the launch of a partnership between EcoCash and UK-based remittance firm Chitoro.com. Under the partnership, expat Zimbabweans in the UK who have bank accounts will be able to remit money straight into the accounts of relatives and friends back home.

"The deal encourages the use and importance of technology. We want to put in place policies and measures that promote electronic transactions ... we are too much of a cash economy," said Khupukile Mlambo, deputy governor at the Zimbabwean central bank.

Mlambo said the central bank had licenced about 34 remittance companies to undertake outbound remittances from Zimbabwe to other countries.

At the same time officials will closely monitor financial transactions to stem out money laundering and externalisation of funds generated inside the Southern African country.

"Our plan is not to control anybody. We have licenced by the end of December 34 operators to carry out two way transactions for remittances," Mlambo confirmed.