Categories: Mobile Money

Ministry of Finance proposes a suspension of duty on POS machines

Share

Zimbabwe’s Ministry of Finance and Economic Development has proposed to suspend the customs duty on Point of Sale (POS) machines as part of measures that will encourage the use of electronic payments.

In his presentation of the 2016 Mid-Year Fiscal Policy Statement the Minister of Finance, Patrick Chinamasa highlighted how the growth of mobile money and electronic payments had contributed to financial inclusion and the ease of business for the government through regularised procedures.

The suspension of duty on POS machines is expected to reduce the high costs of importation and installation of payments infrastructure which has been identified by bankers as one of the barriers to the increased rollout of such platforms in the market.

advertisement

The cost of importing a POS machine is estimated to be around US$500 before duties are added on by the State.

The country registered over 20,000 POS machines in July 2016, a number which also represented the surge in adoption and use over the past half year motivated by the cash crisis in Zimbabwe.

This has steered citizens towards alternative payment platforms that include mobile money and card solutions.


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, chat with us using the chat feature at the bottom right of this screen

View Comments

  • That took them a while to figure out. Move is still commended. But I wonder if any proper consultation was done ...

    Cancel reply

Recent Posts

PayPal will soon allow cryptocurrency trading & shopping

In a major move for the cryptocurrency adoption, US payment giant PayPal announced that it…

October 21, 2020

ZSE & SECZ want more retail investors – Stockbrokers will have to improve their online presence for that to happen

The Securities Exchange Commission of Zimbabwe (SECZ) and Zimbabwe Stock Exchnage have made it clear…

October 21, 2020

Electric vehicles & how their adoption in Zimbabwe could be accelerated

Electric vehicles (EVs) have been the subject of debate for the last decade or so.…

October 21, 2020

HP CEO says remote work will allow companies to hire more internationally

The future of work has been a huge talking point for the whole world this…

October 20, 2020

3 ways Zimbabweans in South Africa can send groceries back home

Late last week Vaya and Thumela eKhaya announced a partnership that offers Zimbabweans in South…

October 20, 2020

Tisu vanhu vacho episode 3 – Jah Prayzah, the trials of dating in Harare & “life”

Tisu vanhu vacho, vanhu vacho vapi? The people behind Techzim’s articles, videos and social media.…

October 20, 2020