CAN A CASHLESS SOCIETY SAVE ZIMBABWE?
Zimbabweans can queue for hours outside banks after government slapped limits on cash withdrawals and announced the introduction of bond notes
population had an account which enabled them to send and receive payments at a push of a button. BAZ president Jinya said mobile money transfers are just one of the ways Zimbabweans were " embracing the use of digital payment platforms."
Others included internet banking and the use of ' plastic ' money-- like debit cards-- at point of sale machines. But while Gambanga said a cashless society is a good idea, it ' s not a long term fix: " The government still needs to fix the problems related to the monetary supply." He also added that while many large retailers and grocery stories " gladly " accept e-payments, many locals still face some challenges when buying items, particularly from the informal sector.
THE CRISIS AND THE NEED FOR HARD CASH HAS ALSO FORCED MANY INTO THE BLACK MARKET
Fighting the demand for cash
Because many Zimbabweans work in the informal sector, cash is still being demanded as the only means of payment during sales. " There ' s still transactions that people face every month that requires a bit of a cash," Gambanga said. Many prefer cash payments because they import goods from across the border using foreign currency, he said, adding that if someone can only pay electronically, a premium will be added onto the final price. " They ' ll tell you it ' ll cost $ 5 in cash but if you pay in mobile money it ' ll cost you $ 7.50 because they ' ll need to figure out how to access the money."
2016 | Business Times Africa 61