The RBZ says it has come to their attention that certain retailers and traders of goods and services are refusing to accept modes of payment other than cash. I do not know exactly when it is that it came to their attention but kudos to them for this world class detective work.
I mean it’s not like we have been complaining about this for ages now. They must have thought we just like to queue up at banks to get $30 in cash. They must have thought that because why would we need cash when we can pay using other means? No, they knew. They were working on a response, if you ask me.
So now that the RBZ knows of these ‘undesirable practices that distort our markets’ they are urging members of the public to report to the Zimbabwe Republic Police (ZRP) or the RBZ itself. The RBZ promises that if we do that the necessary corrective action will be taken against such malpractices.
How does one report to the RBZ though? I ask this because I remember watching the Parliamentary debate that is screened on ZBC TV one Wednesday and the same question was asked by some MPs. Finance minister Chinamasa had told them to report banks that were being mischievous to the RBZ. The MPs told him that even they could not get to see anyone or report anything, they were told to book appointments but never got to see anyone.
So I guess the only option we realistically have is to report to our friends, the ZRP. Like they don’t know too. This whole thing infuriates me. Where are the police buying their wares where cash is not being demanded? They know. Anyway, if you know of any traders or retailers demanding cash only go report them to the police.
Let us hope that the RBZ governor Dr John Panonetsa Mangudya was not over promising when he said corrective action will be taken. I’m not crossing any fingers though.
In a related case, EcoCash urges all of us to report any case of EcoCash agents charging us extra to cash out. The agents are not allowed to do that as it is illegal so if an agent asks for a ‘percentage’ get in touch with EcoCash and corrective action will be taken. I don’t know where you will get the cash though but let us report to put an end to this malpractice.
What do you think about all this? Have you ever reported an EcoCash agent and seen corrective action taken? Do you think the RBZ promise that corrective action will be taken will compel retailers to desist from their malpractices? Or maybe you do not think these retailers should be forced to accept those other forms of payment. Let us know in the comments below.
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About RBZ
EcoCash is a mobile money transfer facility which is run by Econet Wireless Zimbabwe. The facility has grown in leaps and bounds since its inception and is arguably the largest mobile money transfer agent considering the huge sums of transactions that the platform is said... Read More About EcoCash
The Zimbabwe Republic Police is the country's law enforcing and maintaining organ. It was established in 1980 evolving from the Rhodesian Police and incorporated members from both the Rhodesian and the nationalist forces. It operates under the Ministry of Home Affairs. Read More About Zimbabwe Republic Police