THE Reserve Bank of Zimbabwe (RBZ) will soon introduce shared point of sale machines (POS), which will see up to 10 operators sharing a single gadget, each with a personalised code.
The Deputy RBZ Governor, Dr Kupukile Mlambo, said this was one of the many strategies the apex bank was employing to mitigate foreign currency shortages caused by externalisation.
He called on all businesses in the country to open bank accounts so that cash can circulate locally and stressed the need to link the informal sector with the formal sector as well as monitoring business against a three-tier pricing system. Dr Mlambo said these measures should be complemented by increasing export-driven production and embracing use of plastic money.
"Let’s use plastic money because cash is a problem. We are planning to increase use of POS machines in the informal sector. We are going to have some being used by 10 users but all with different pin codes. We are looking into that. We have compelled a lot of companies that don’t have bank accounts to open one."
BETWEEN US$20 million and US$40 million is being lost monthly by employers through payment of wages and salaries to workers who are not productive as they will be queueing at banks for cash. This could result in a cumulative annual loss of nearly half a billion, a survey has revealed.
The country is experiencing a severe cash shortage that has crippled industry despite the introduction of bond notes into the market in November last year. Meandering queues of depositors in need of the elusive cash has become commonplace with daily maximum withdrawals being reduced to as little as US$30 in some banks. “On average, employees are spending 2,5 hours every time they visit the bank every week.
This roughly translates into US$40 million lost in wages paid to employees who are not productive every month using a median wage of US$520 per month,” Industrial Psychology Consultants revealed in its report titled Productivity Losses As A Result of Bank Queues Report.
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