An investigation on the use of plastic money in Zvishavane has shown that acceptance levels for plastic and mobile money in the mining town are very high as cash crunch continues in the country.
Confederations of Zimbabwe Retailers which embarked on an investigative tour of the Midlands Province with a major focus on Zvishavane revealed that most shops are equipped with POS facilities to enable smooth flows of consumer transactions.
“Most shops have a uniform price regardless of payment method. This good behavior among retailers could be linked to the increased stocking of locally manufactured goods,” states CZR on its website.
“Allegations of multi-tier pricing malpractice in the retail sector are very rife but the CZR tour of the Midlands Province and Zvishavane revealed that the majority of retailers are law-abiding.”
Increase in the use of plastic money in Zimbabwe comes at a time when the Reserve Bank of Zimbabwe (RBZ) Deputy Governor Dr Khupukhile Mlambo blames the cash crunch on the shortage of foreign currency.
Mlambo also said that the problem is with people who are not banking their money.
“If everyone was banking their cash we would not be having this crisis,” said Mlambo.
Zimbabweans have been keeping their cash rather than banking as they lack trust with the banks due to uncertainty amid fears of the return of the 2008 era.
The high levels of plastic money use in Zimbabwe also come at a time when banks continue to reduce the amount of cash an individual can withdraw a day. The black market has also appeared to supply the much-needed cash attracting even business people who need foreign currency for importing goods.
