Retail sector embraces bond notes, plastic money

21 Jun, 2016 - 00:06 0 Views
Retail sector embraces bond notes, plastic money Denford Mutashu

The Herald

Melody Mashaire : Business Reporter

The retail sector has embraced the proposed introduction bond notes and the use of plastic money as a panacea to the current cash shortages bedevilling the economy. The sector also called for the regularisation of the retail sector in order to create a formalised system that is able to embrace banking of funds. In an interview after paying a courtesy call to the Vice President Emmerson Mnangagwa last week, Confederation of Zimbabwe Retailers president Denford Mutashu said the use plastic money is increasing showing that the sector has complied with Government’s plans in addressing the prevailing liquidity challenges.“The retail sector is geared up to embrace the bond notes as soon as they are introduced and also the multi-currency system where Government wants to promote the use of plastic money.

“In most of the retail shops there is an increase in the use of plastic money to 55 percent from about three percent. We are however facing challenges with the fuel industry with regards to the use of plastic money. Some fuel dealers are refusing to adopt the use of plastic money,” said Mr Mutashu.

“We are geared up to ensure that we regularise the retail sector, we want the tuck shops, all the retailers to be accountable so that we know where they procure their goods, we know what they sell and also for them to meet certain minimum retail standards that will protect the interest of the general public in terms of health which is where they stock their products,” he said.

Mr Mutashu said the CRZ also had a discussion with the Reserve Bank Governor Dr John Mangudya and Vice President Mnangagwa on the issue of businesses that are not banking money.

“It an issue that we discussed with the Governor and it is also an issue that we discussed with the Vice President, the retail sector is committed to banking their daily takings.

“The issue of banking is an issue that is still critical but any of our members under the CZR are complying with the law and we are calling upon the generality of the retail sector. That is why we are saying if we regularise the sector and if we have the tuck-shop business also banking and also having a POS machine, this will actually improve the current banking patterns,” he said.

Share This:

Sponsored Links