News / National
RBZ orders parastals to use plastic money
31 May 2016 at 14:15hrs | Views
The Reserve Bank of Zimbabwe (RBZ) says state owned institutions must spearhead the use of plastic money by installing point of sale machines in their organisations to reduce pressure on cash transactions.
The use of plastic money has dominated discussions at a breakfast meeting among bankers, business people and the church in Harare as stakeholders sought views on ways of reducing demand for cash.
RBZ Governor, Dr John Mangudya said public institutions will roll out point of sale machines as a starting point to promote the use of plastic money.
Bankers agreed that the current charges on point of sale transactions are very high, hence the need to ensure charges are reduced as a way of encouraging electronic transactions.
Zimbabwe is facing cash challenges as citizens continue to carry cash for all transactions which has forced the central bank to import cash on a weekly basis.
Analysts says the introduction of point of sale machines in public utilities will show the seriousness that government attaches to the use of plastic money.
The use of plastic money has dominated discussions at a breakfast meeting among bankers, business people and the church in Harare as stakeholders sought views on ways of reducing demand for cash.
RBZ Governor, Dr John Mangudya said public institutions will roll out point of sale machines as a starting point to promote the use of plastic money.
Bankers agreed that the current charges on point of sale transactions are very high, hence the need to ensure charges are reduced as a way of encouraging electronic transactions.
Zimbabwe is facing cash challenges as citizens continue to carry cash for all transactions which has forced the central bank to import cash on a weekly basis.
Analysts says the introduction of point of sale machines in public utilities will show the seriousness that government attaches to the use of plastic money.
Source - zbc
