Opening of bank accounts on the rise

The financial sector has experienced a rise on new accounts from workers after employers directed workers to open bank accounts for easy access of their wages or salaries.

The cash challenges prevailing in the economy have resulted in most companies resorting to formal banking systems with revelations that the financial sector has experienced a rise on new accounts from workers who used to get their salaries or wages in cash.

Employers Confederation of Zimbabwe (EMCOZ) Executive Director, Mr John Mufukare said employers are now interested in formal banking transactions, a development that validates the central bank's advocacy encouraging the use of plastic money.

"There is need to focus on these policies that can rake in more money in this economy for the benefit of all stakeholders," he added.

Monetary authorities say 80 percent of transactions will be through plastic money in five years as the economy seeks to promote a cashless economy.

However, market watchers say the use of plastic money is dependent on the performance of the banking sector as well as the availability of funds.