Reserve Bank of Zimbabwe Moves to Boost Plastic Money Uptake
Written by Staff Reporter on August 9, 2024
The Reserve Bank of Zimbabwe (RBZ) has taken a step towards regulating the licensing of all business operators to have a bank account and point of sale (POS) machines, promoting the use of plastic money in Zimbabwe and modernizing the country’s payment systems to reduce reliance on cash transactions.
The RBZ aims to deploy inspectors to monitor compliance and curb irregularities that threaten price stability and the availability of basic commodities. This move is expected to increase the adoption of electronic payment systems, reducing reliance on cash transactions.
In an interview with Skyz Metro FM reporter Thubelihle Mhodi, Bulawayo business operators expressed no issues with plastic money but raised concerns about transfer charges and taxes, which they feel are too high.
Business operators are urged to comply with the new requirements to avoid penalties and ensure smooth operations.
Reporter: Thubelihle Mhodi
Breeze FM