Cashless society — way forward: Dr Magudya

Cashless society — way forward: Dr Magudya Dr Mangudya
Dr Mangudya

Dr Mangudya

Business Reporter

Reserve Bank of Zimbabwe Governor Dr John Mangudya says companies should continue to innovate to support the drive to a cashless society. Dr Mangudya told guests at the launch of Zuva petroleum fuel card and coupon last week that the use of plastic cards was critical in restoring confidence in the banking sector.“When I was informed that Zuva Petroleum was launching a fuel card and coupon in the market, I was ecstatic. This is exactly what industries need to be doing, finding alternative transaction methods for the convenience of their customers.

“What impressed me even more is that this card will not only work as a fuel wallet, but can be enabled to transact as an FBC bank card should one wish to activate it.

“ The two-in-one card means that the card can transact on any Zimswitch network which brings us back to banking,” he said.

Dr Mangudya said he was encouraged by the uptake of plastic products in the market.

“According to statistics produced at the end of last year, the value of mobile and internet based transactions rose by 43,2 percent in the first four months of 2015 compared to the same period in 2014, an indication that there continues to be a growing number of people embracing use of plastic money.

Card based transactions increased from approximately $430 million in March to $433 million in April of the same year.

“These statistics convey the message that our society is embracing the use of plastic money as a convenient tool for everyday transactions. Most of you would know how passionate I am about the migrations of our society from cash to plastic.

“It is not only about convenience but it’s about bringing people into the habit of banking which will improve confidence in the banking sector,” he said.

Dr Mangudya commended Zuva Petroleum for its commitment towards achieving customer satisfaction and promoting cashless transactions.

“It is brilliant to note that when some companies are focusing on profit only, you are taking a step back and delivering a product that brings convenience, security and peace of mind to your customers.

Zuva’s fuel card offers SMS updates at every purchase, online updates on all transactions, alerts when fuel account balance is low ensuring that the holder never run out of credit unknowingly.

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